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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 higher extend this week then that Support would likely hold or recover quickly.
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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 – there was a very brief test of that high overnight and currently, pre-RTH today, ES sits just below that level.
The minor Support I mentioned in yesterday’s note, at 7137.5, was tested and recovered during Thursday’s RTH but held a test twice overnight. If we exceed the overnight high ES could extend which in the ST is my anticipation.
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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]
ES is now printing above the Major Control at 6853 and this is a much stronger position, see notes 4th & 8th April, highlighted on chart. Bulls would not want to see ES printing time now back below that level. read this post on Substack … [Continue reading]
I wrote on Thursday that price printing time above 6853 'would put ES in a much stronger position'. As I've often written, at times of stress the market will move to a controlling price. In this case it looks like 6853 rather than 6657, which … [Continue reading]