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ES has generated 5 consecutive Value Areas entirely below the Major Control at 6853, see chart, which is not great. 03/05 I wrote ‘I won’t look at new longs currently below the Control‘(6853). It’s a weak position in the longer time-frame.
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In the short term, ES has to recover the 11-day Control at 6790.5 to give us even a minor positive indication. No idea how this resolves but weak position for now.
I wrote yesterday ‘Bullish would be ES recovering the 6853 Major Control’. You can see in yesterday’s RTH that ES approached that Resistance but did not exceed it. 03/05 I wrote ‘I won’t look at new longs currently below the Control’ (6853). That remains my view.
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Today, price relative to the v. minor Control at 6790.5 (10day) is worth monitoring post the RTH open.
I wrote 03/06 that the more time spent around the 6mn VAL (dashed) 'the more likely we go lower'. Although there was no obvious Support I could identify I can see from same dataset that the 12mn VAL at 6670 was valid and was tested briefly on Monday, … [Continue reading]
03/05 I wrote 'I won't look at new longs currently below the Control' (6853). I wrote on Friday that the more time spent around the 6mn VAL (dashed) 'the more likely we go lower - Bulls would hope for another bounce here'. read this post on … [Continue reading]
I wrote yesterday that 'Today, price relative to 6866.5 is worth monitoring'. That level was briefly tested early in the session but rejected. I also wrote 'I won't look at new longs currently below the Control' (6853). Yesterday's Value Area was … [Continue reading]
Since mid-February price has been oscillating around and centred close to the Major Control at 6853. Even after the recent decline on global news price has found its way back to that level after a brief test of the 6mn VAL (dashed) on Tuesday proving … [Continue reading]
I wrote yesterday 'There is a 6mn VAL just below 6740 (dashed line) but no obvious Support'. In Tuesday's RTH there was a test of that VAL and ES rallied. Overnight the Major Control at 6853 has been tested twice but not exceeded. This would be an … [Continue reading]
ES opened Monday's RTH close to 6810 in a weak position below the Major Control at 6853 but quickly rallied. Monday's Value Area was generated entirely above that level, see yesterday's highlighted comment on chart. read this post on … [Continue reading]
Price action over the last 8 trading days has been within the two levels given pre-RTH on 19th Feb, see highlighted note on chart. I added on 20th Feb, 'a break above/below those bands (6956 and 6853) might well indicate the next directional move' - … [Continue reading]
I wrote yesterday 'ES is currently attempting to break higher' out of the 'Low-conviction zone between 6956 and 6853'. That didn't happen. From the RTH-open ES fell back through the zone and pre-RTH today has briefly tested 6853, the Major Control. … [Continue reading]