My Previous Auction spanned across ES : 6710 - 6805.
Since then we have now round tripped this Auction and remain within it.
An update is required as new Tape has entered the Market.
Sellers gain Strength Selling from the Highs of 6805 : This is the current Auction Resistance. Participants are still working through the Friday Flush structure. As an enjoyer of Sell Sided Flow Days, I will be siding with them below our Resistance as I would expect continued attempts to break the lows of 6600.
Buyers form a Double Bottom against the ES : 6600.
Auction Market Theory would mark this as a Poor Low, to which I agree.
My plans’ best case scenario would to see a Break and Close below this reference to allow other participants to join a conquest Lower.
TSLA : Personally I see little opportunity in Single Names for now. This one in particular is likely stuck auctioning 420 vs 440. This state is not interesting to me, but I would expect a Daily Close Above or Below to really turn some weeklies into winners.
Below 420 : I will chase downside targets to the tune of 360.
This will be my primary stance until further notice.