Daily analysis - Stock Market, Bonds, Forex and more
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 Buying Day Low at 7327.25 (dashed on chart).
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 was extended on Monday.
That Minor Control though migrated slightly higher to 7411.5 overnight and ES has printed lower since then. Price relative to 7411.5 is worth monitoring today but the first ST mechanical indication of weakness would still be a RTH close below Wednesday’s Buying Day Low at 7327.25 (dashed on chart) – which would, should that happen, suggest a test of the 6wk Control at 7157.
ST: Minor (5day) Control has emerged at 7396.5. Price relative to that level is worth monitoring today. If ES prints above that price post RTH Open we could see another strong end to the week.The first ST mechanical indication of weakness would be a … [Continue reading]
ES powered ahead to another ATH. On Wednesday, Significant Buying (green) was marked for the fifth time since the low on 30th March which was also the last day that Significant Selling (red) was marked. The first ST mechanical indication of weakness … [Continue reading]
Overnight ES has printed above 7360. The breakout and extension had been anticipated - see previous, highlighted notes on chart. On 04/17 I established bullish targets for ES and SPY if the Major Control held as Support, which it did, see that … [Continue reading]
I wrote pre-RTH on 04/30 'as long as 7157 is held, ES is in position for a strong end to the week'. That's what we saw. Three consecutive Value Areas have since been generated above 7157 which is a further positive and that level is First Support.ST: … [Continue reading]
I wrote pre-RTH yesterday that 'as long as 7157 is held, ES is in position for a strong end to the week'. The low of the session was 7157.25, right at the Support and ES rallied strongly from there to a new high and quite likely, a strong end to the … [Continue reading]
In Wednesday's session ES spent more time at 7157.0, the 1mn Control. It is normal ahead of data, risk events etc that a market will return to the nearest significant Control. That's just something I've observed and commented on many times. With data … [Continue reading]
ST: The 1mn Control has migrated higher to 7157.0. This is Support for today. Price relative to 7172.5 is also important to monitor post-RTH Open. Price above that level early in the session could see ES higher.LT: For longer-term view see previous … [Continue reading]
I wrote 04/23 'I'm watching for a possible test-reverse but more likely a break higher that holds and then extends'. On Friday ES broke higher and is holding the higher level so far. There is Support at 7137.5 and if we are going to see the break … [Continue reading]