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In yesterday’s note I wrote that ‘a test of Friday’s low is likely‘. That is the expectation if ES prints below the 4mn Control at 7743.5.
Note that the equivalent level for the Nasdaq 100 E-Mini NQZ26 is 29825, see chart 2.
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Friday closed near the low of the week; below the low of the Mon-Wed range and below the low of the previous week. This pattern indicates a test of Friday’s low is likely (possibly a test of 7635).
Today’s RTH has opened very close to the 4mn Control at 7743.5 after a dip overnight to test the current Value Area Low (VAL), see second chart and highlighted note of 10/15.
ES looks weak now in the ST; time printed above 7743.5 could change that.
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9th October 'As long as ES prints above the 4mn Control at 7743.5 I remain bullish'Yesterday's note 'Bulls would want to see Support here or a quick recovery of a dip below it'.Early in Thursday's RTH there was a dip below the Support and a quick … [Continue reading]
I have been writing 'As long as ES prints above the 4mn Control at 7743.5 I remain bullish' - see yesterday's highlighted note on chart. ES briefly tested the Control during Wednesday's RTH (see chart) and prints very close pre-RTH today. Bulls … [Continue reading]
ST: The minor (10day) Support is at 7849.5.LT: As long as ES prints above the 4mn Control at 7743.5 I remain bullish.First sign of mechanical weakness would be a RTH close below 7778.25 which is the Buying Day Low on 10/05 (dashed line). … [Continue reading]
I wrote yesterday that the minor Control had 'moved higher to 7841.5 and that is today's reference level'. Monday's RTH was generated above that level.The minor Control has again moved higher, to 7849.5. Price relative to this level is worth … [Continue reading]
I wrote on Friday 'Today: Reference level is 7826.0 - Worth monitoring. above/below = strong/weak'. Friday's RTH low was 7826.75. That level (v minor Control) has moved higher to 7841.5 and that is today's reference level.See previous, … [Continue reading]
As long as ES prints above the 4mn Control at 7743.5 I remain bullish.The first sign of mechanical weakness would be a RTH close below 7778.25, Monday's Buying Day Low (dashed line on chart).Today: Reference level is 7826.0 - Worth monitoring. … [Continue reading]
Price relative to v. minor Control at 7833 is worth monitoring; above/below = strong/weak just today.See previous, highlighted notes on chart - these still relevant. Read this post on Substack … [Continue reading]
I wrote 1st Oct 'The minor Control has migrated lower to 7743.50.. I'm using 7743.5 as the key reference here - above/below the minor Control = strong/weak in ST'. ES recovered that level on Friday and has rallied strongly from there. Significant … [Continue reading]