Daily analysis - Stock Market, Bonds, Forex and more
Development: The Control migrated lower to 5635 (from 5754). Now important to monitor price relative to that level. Below is a weak position.
ST: Price printing time above 5670 would be first sign of strength in the ST.
I wrote 03/27 that the Control at 5754 “may attract (more) time, but either way time printed below that level would not be a positive“. Friday’s Value Area was printed entirely below that level. For that reason I am cautious here but also; Significant Selling (red) was marked twice last week AND my Weekly Trend for SPY is now down, see second chart.
ST: a test of 5480 “may” attract Buyers but new longs are eliminated for me currently if ES prints below 5754.
I wrote yesterday that 5754 "may attract time, but either way time printed below that level would not be a positive". That's where ES spent most time during Thursday's RTH and that level may continue to attract time but below it is a weak position. … [Continue reading]
I wrote 03/25 - on some timeframes, the Major Control has migrated to 5754. That is same now on all timeframes after yesterday's price action.Wednesday's RTH opened just above 5819 (see yday's note) and immediately declined, back to the Control at … [Continue reading]
Two Value Areas generated above the 5754 Support. That's a positive. Bulls would want that level to hold, or for ES to quickly recover a test. Resistance is at 5900, see note 03/25.ST: There's a v minor Control at 5819. Price relative to that level … [Continue reading]
We are now following the June contract. Chart reflects that.I wrote on 19th that "it is possible that ES is ready to make its next directional move". If the analysis is correct about that then that directional move looks to be up. Note that when that … [Continue reading]
Yesterday's Value Area was very tight. This often occurs as a distribution is completing so it is possible that ES is ready to make its next directional move. Bearing that in mind, I also note that the minor Control shifted slightly to 5620 - imo … [Continue reading]
Monday's Value Area was generated entirely above 5614, the 1mn Control. That's the first sign of strength in the ST.LT: The major Control remains at 6022.50, see highlighted note 03/12 on chart. … [Continue reading]
Development: The 1mn Control migrated lower to 5614.ST: Time printed above that level would now be the first sign of minor strength but time below it at the start of the week would likely indicate a re-test of last week's low.LT: The major Control … [Continue reading]
As mentioned in yesterday's note, ES had failed at the 5604 Resistance pre-RTH but had recovered to test that level again as I wrote. As it turned out, ES quickly failed again at that Resistance (dashed line on chart) and subsequently declined to … [Continue reading]