E E-Mini S&P 500 Weekly Perspective (SPX)

Looking at the weekly VWAP perspective on an hourly chart we can observe an open above the value close area this week. In the beginning, the market found support at the VAH close level which was confluent with an LVN area of the previous week followed by a break lower towards the VAL close with a pullback to the VWAP close level which was also confluent with an LVN area. The market dropped lower and below the value, after it found resistance at that particular area. For now, the market trades below value and developing value with a bearish downside slope of the VWAP. 

Currently, we can see a rotational behavior below value, therefore we can be bearish, However, the market is testing the lower weekly extreme and any bullish pattern should lead the market toward some of the newly established LVN areas which should act as areas of resistance.

(Click on image to enlarge)



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