Daily analysis - Stock Market, Bonds, Forex and more
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 releases out of the way, ES has today rallied above 7200. As long as 7157 is held, ES is in position for a strong end to the week. Time below 7157 post-RTH Open today, and I’d anticipate a test of yesterday’s low at 7131.25.
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 notes highlighted on chart.
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]
Yesterday I wrote that last week's high (7185.75) which came on Friday, was worth monitoring and likely to be tested. I wrote 'I'm watching for a possible test-reverse but more likely a break higher that holds and then extends'. Jury is out on that - … [Continue reading]
LT: As long as ES hold the Major Support at 6853 it's in a strong position, see highlighted notes 04/14, /15, /17, on chart.ST: Last week's high came on Friday. When that happens it's rare for the following week not to test that high. We haven't done … [Continue reading]
LT: I've written, 'Bulls very much in Control right now'. I set bullish targets on 04/17 (see note on chart) but 'price back below January's high at ES 7096.5 (SPY 697.84) could indicate a false breakout (Bull trap) - watching for that'. If previous … [Continue reading]
Market needs to settle for a while before a reference level, even minor, can develop - and it wasn't in that kind of mood last week. In fact, since the March Low we've seen three weeks where the low of the week is on Monday or Tuesday and the week … [Continue reading]
Three consecutive Value Areas printed entirely above the Major Control at 6853. That's a big positive in the longer term and a level of strong Support now. ES has rallied so quickly this week it has not developed Points of Control (time at price) of … [Continue reading]
I wrote yesterday 'If SPY prints a new high today it will have recovered the whole 2-month decline in little over two weeks'. See second chart - SPY broke to a new high yesterday and that's great (old high was 697.84). read this post on … [Continue reading]
I wrote yesterday 'ES is now printing above the Major Control at 6853 and this is a much stronger position. Bulls would not want to see ES printing time now back below that level'. Not much to add. If SPY prints a new high today it will have … [Continue reading]