Daily analysis - Stock Market, Bonds, Forex and more
I wrote yesterday ‘Strength would be indicated by acceptance (time) above the 4mn Control at 7743.5‘. ES was strongly higher on Wednesday but found Resistance at that level, arrowed on chart.
Acceptance (a Value Area) above the Control would be a positive indication in the longer timeframe.
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ST: ES dipped below 7500 overnight. There is minor Support at 7586. First sign of strength would be holding that level.
LT: Strength would be indicated by acceptance (time) above the 4mn Control at 7743.5 but as per yesterday’s note ‘that Control could move‘ (see also 11/02 note on chart).
From note 10/26 'If ES is printing below the 4mn Control at 7743.5 it is in a weak position and new longs would be risky'.Value Areas on Friday and Monday were printed entirely below that level.Price relative to 7743.5 is important to watch - but … [Continue reading]
I wrote on 10/26 ‘ES 7635-7640 is an area of price that could support a reversal which would be indicated by a test into that zone and a fast rejection’. See also note on 10/07, highlighted on chart. Today ES has tested that level.And, importantly, I … [Continue reading]
ST: ES 7635-7640 is an area of price that could support a reversal which would be indicated by a test into that zone and a fast rejection. Acceptance (time) at those levels would likely indicate the opposite and suggest lower.LT: In any case if ES is … [Continue reading]
ES is currently printing below 7743.5 (4mn Control) in a weak position and a test of last week's low (7676) looks likely, see Monday's note highlighted on chart.Today, price relative to the v. minor Control at 7699.5 is worth monitoring. … [Continue reading]
ES Short-term: Indication at the start of this week was for a test of Friday's low (7676) and 'possibly a test of 7635'. Time at 7737 could change that.ES Longer-term: I have been writing since 9th Oct that 'As long as ES prints above the 4mn Control … [Continue reading]
I thought a test of Friday's low was indicated for this week and 'possibly a test of 7635' before a move above 8000, see previous, highlighted notes on chart. I could be wrong (obviously) - Friday's low has yet to be tested and ES showed a minor … [Continue reading]
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. Read this post on … [Continue reading]
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 … [Continue reading]