Understanding Sessions - ES FuturesFollow up from yesterday's post.
See this example from the action this morning.
The rip higher off the open to grab supply, only to reverse on the next 15 min bar, taking out the Open price, immediately heading for where? The Pre-Equity Open Defender created hours before the normal session open.
This is critical because the Pre-Equity Open in Futures is a helpful guide not just in Futures, but for SPY, QQQ, or any stock. It's serving as the guide for where the pressure is for the morning. It can often act like it did today, halting the selling to reverse higher. It ALSO works in the other direction, when equities Open at 9:30am, where are we in relation to the Pre-Equity Open in Futures? If below, that's downside pressure until we forceably breakthrough it.
Remember - once the level is tagged, many of the resting orders have been filled. More can come in behind it, but an intra-day retrace all the way too any of these Session Opens is more likely to at least push price to the other side of it, finding out "what is there" orderflow wise.
