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ES has been in a strong position since 30th July when it recovered (and subsequently held) the Major Control at 7448.50, see previous notes on chart.
Significant Buying was marked on Monday and again yesterday. The first sign of mechanical weakness would now be a RTH close below 7656.0, yesterday’s Buying Day Low (dashed line on chart), this has moved higher from 7542.75, see chart and yesterday’s note.
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I wrote yesterday that ‘ES is in a stronger position‘. ES had a very constructive day yesterday; Significant Buying was marked and now the first sign of mechanical weakness would be a RTH close below 7542.75, yesterday’s Buying Day Low (dashed line on chart).
I also wrote yesterday ‘Today, 7557 could attract time‘ – price action was actually the opposite of that – there was a very brief rejected test of that level at the RTH Open and ES rallied strongly.
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I wrote on Friday that the Major Control at 7448.5 was 'now Support' and ES would be 'in a stronger position if it holds'. I also wrote that 7514.5 was 'minor Resistance today'.Both levels came into play - first a rejected test of the Resistance; … [Continue reading]
I wrote yesterday that price relative to the Major Control at 7448.5 was important to monitor. That Resistance (now Support) was recovered yesterday which puts ES in a stronger position if it holds.Development: The minor (1mn) Control is at 7514.5. … [Continue reading]
I wrote on 20th July 'Bulls would regain ST Control if ES can print time back above the Major at 7556.5, currently Resistance'. Subsequently, there was a very brief (minutes) rejected test of that Resistance on 07/22 (arrowed on chart) and ES has … [Continue reading]
I wrote early last week that 'The first mechanical indication of weakness would be a RTH close below 7552.75' 07/10 Buying Day Low (dotted line). Friday's RTH close was below that level. Bulls would regain ST Control if ES can print time back … [Continue reading]
I wrote yesterday 'to maintain its strong position, ES has to hold the Major Control at 7556.5 (or recover a test quickly)'. Overnight, ES broke that level and declined quickly. Post-RTH Open today, ES has printed below 7480.Can the Bulls recover the … [Continue reading]
LT: to maintain its strong position, ES has to hold the Major Control at 7556.5 (or recover a test quickly).ST: as per yesterday's note, price relative to 7598 (v. min. Control) is worth monitoring.The first mechanical indication of weakness would be … [Continue reading]
Development: the Major Control has migrated higher to 7556.5. Bulls would want this to hold or recover a test quickly.ST: On Monday ES held the minor Support given in the pre-open note. That's good. Today, price relative to 7598 (v. min. Control) is … [Continue reading]
ES remains in a strong position. LT: the Major Control Support at 7448.5 was held last week and daily Values Areas have been generated above that level for the past two weeks.ST: There is also minor (3week) Support 7552.5 which came into play last … [Continue reading]