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I wrote pre-RTH on 04/30 ‘as long as 7157 is held, ES is in position for a strong end to the week‘. That’s what we saw. Three consecutive Value Areas have since been generated above 7157 which is a further positive and that level is First Support.
ST: A v. short-term Control has emerged at 7252.5 and price relative to that level is worth monitoring today.
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I wrote pre-RTH yesterday that ‘as long as 7157 is held, ES is in position for a strong end to the week‘. The low of the session was 7157.25, right at the Support and ES rallied strongly from there to a new high and quite likely, a strong end to the week.
We now have proven Support at 7157. Significant Buying (green) was marked yesterday and I usually write that if an RTH close is subsequently marked below the low of the Buying Day it is the first sign of weakness but in this case it is the same level, 7157.
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 … [Continue reading]
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 … [Continue reading]
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]