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On Tuesday I wrote ‘First level Support this week is 7491’ (v minor Control). That has not been tested but the v minor Control has now moved higher to 7540.5 and price relative to that new level is worth monitoring today – a possible rejected test early in RTH as ES is printing close. Support (5 week) remains at 7412.50.
In a bull market, if there’s relative weakness to be seen it’s usually at the beginning of the week with strength at the end of the week. First level Support this week is 7491 if that pattern repeats, with more important Support (5 week) at 7412.50.
See yesterday's note on chart. I wrote 'Wednesday's Value Area was printed above 7412.50 (minor Control) - ST Bulls would want that to hold as Support or recover a test quickly'. See chart, 7412.50 was clear Support on Thursday, a rejected test and … [Continue reading]
See yesterday's note on chart. I was 'looking for evidence that Bulls are responding - e.g. ES printing convincingly back above 7412.50, and/or a rejected test below 7350.' Wednesday's Value Area was printed above 7412.50 (minor Control) - ST … [Continue reading]
I wrote 05/14 'the first ST mechanical indication of weakness would now be a RTH close below the 05/13 Buying Day Low at 7399.0' (dashed on chart). Tuesday's RTH close was below that level, circled on chart. We also saw Resistance yesterday at … [Continue reading]
The minor Control is at 7412.50 and I wrote on Monday that 'price relative to that level is worth monitoring at the start of this week'. Note that ES spent most time on Monday very close to that level. When the market is 'nervous' ahead of a risk … [Continue reading]
I referenced the minor Control at 7412.50 twice last week, see notes 04/13 & 04/14. Friday's Sell-off tested the Control but held and price relative to that level is worth monitoring at the start of this week. I also wrote on 05/14 that 'the … [Continue reading]
I wrote pre-RTH yesterday 'There is 13day Support today at 7412.5 and price relative to that level is worth monitoring'. There was a rejected test of 7412.5 immediately at RTH Open on Wednesday and ES rallied strongly. This is Buyers Responding … [Continue reading]
ES dipped early in Tuesday's RTH but recovered. There is 13day Support today at 7412.5 and price relative to that level is worth monitoring today but the first ST mechanical indication of weakness would still be a RTH close below last Wednesday's … [Continue reading]
LT: See previous Bullish comments and targets, highlighted on chart.ST: I wrote pre-RTH Friday that if ES printed above 7396.5 post RTH Open we could see another strong end to the week. That worked out well off the Open and the strong end to the week … [Continue reading]