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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. This is minor Resistance today.
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 printed lower since then.
Development: on 27th July the Major Control migrated lower to 7448.5 (from 7556.5). Price relative to the level (now Resistance) is important to monitor.
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]
I wrote yesterday that 'a little more time around 7555 and the Major Control would migrate to that level. Watching for that as it would likely signal a new directional move is imminent'. That didn't happen yet but ES remains in a strong position - as … [Continue reading]
A little more time around 7555 and the Major Control would migrate to that level. Watching for that as it would likely signal a new directional move is imminent. … [Continue reading]
ST: I wrote yesterday that 'the first mechanical sign of weakness in the ST would now be a RTH close below 7552.5 (dotted line), yesterday's Buying Day Low'. The RTH close on Tuesday was 7552.0 according to my data.LT: see note 07/02 on chart. Both … [Continue reading]