Update 09/05

Context: SP500 turned sharply lower, as market sentiment was dampened by a cloud of concerns related to North Korea, Hurricane Irma and domestic politics.

/ES Recap: Market moved above LVN-MID 2465 and remains above during Initial Balance, testing ONH but Internals have been negative since the open. After IB (1st hour) closed, market started to move below LVN-MID 2465 and remains below on subsequent tests. Sellers leaned on 2465 towards CLVNs 2461 and 2453. Finally market bounced towards CLVN 2461 but closed leaving a bearish imbalance (PBT 2439) LVN 2465 is still into play as the line in the sand. Buyers have to push above that level to avoid more selling towards CLVN 2441 and PBT 2439.

Disclaimer: All information on this update is for educational purposes only and is not intended to provide financial advice.