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Significant Buying (green) marked again on Friday which means first sign of mechanical weakness would be a RTH close below 5924.75 (dashed line), the Buying Day Low. Potentially that could happen today as ES has printed below 5900 overnight. Otherwise I stay postive, even ST. No Effective Selling seen since 16th April and Buyers have been in Control since April 23rd imo.
From yesterday’s note “Bulls would hope that more time could be printed back above 5900“. That what we saw. Significant Buying (green) was marked which means the first sign of mechanical weakness would be a RTH close below 5884.5 (dashed line on chart), the Buying Day Low.
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The last Significant Selling (red) was marked on 16th April and since then Significant Buying has been marked six times – there hasn’t been a RTH close below any of them yet.
Updating the post Relative Strength Index diverging on Weekly Charts published 1st October. Updated chart below. The first ‘divergent’ lower high on the oscillators was in the middle of 2024 and preceded a mild sell-off. You had to wait more than … [Continue reading]
From note 12th May: If a test of 5900 plays out, the reaction will be interesting to assess, i.e. whether that level is rejected or accepted (time). We did see the test of 5900 and since then ES has printed below 5870. Jury's out - Bulls would … [Continue reading]
5900 has been tested, see note 8th May. No sign of rejection so far, see note 12th May. First mechanical sign of weakness would be a RTH Close below 5805.75, see note 13th May. If ES holds 5900 area, that would be a further bullish … [Continue reading]
Pre-RTH-Open today ES has printed above 5885. Significant Buying (green) was marked yesterday - the first mechanical sign of weakness would be a RTH Close below 5805.75 which is the Buying Day Low. Read this post on Substack Also, please … [Continue reading]
I wrote 05/08 that the "1mn Control has migrated slightly to 5647 - if ES can hold that level we could see another push higher, towards 5900". ES held 5647 on Thursday and Friday and has made a move higher overnight, above 5850. If a test of 5900 … [Continue reading]
ES is holding 5647, the 1mn Control, see yesterday's note. Price printing time below that level would be first indication of weakness in the ST. read this post on Substack Summary of recent price action: Early in May the major Control … [Continue reading]
I wrote yesterday that the 5635 major Control level could attract time leading up to the interest rate announcement - that was the way it played out. I also wrote that 5658 was possible Resistance - and that came into play as well. read this post … [Continue reading]
ES recovered the 5635 Support during Tuesday's RTH, see yesterday's note. That major Control level could attract time leading up to the interest rate announcement later today. read this post on SubstackIn the ST, the 1mn Control has migrated to … [Continue reading]