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I wrote on Friday ‘Today: Reference level is 7826.0 – Worth monitoring. above/below = strong/weak‘.
Friday’s RTH low was 7826.75. That level (v minor Control) has moved higher to 7841.5 and that is today’s reference level.
See previous, highlighted notes on chart – these still relevant.
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As long as ES prints above the 4mn Control at 7743.5 I remain bullish.
The first sign of mechanical weakness would be a RTH close below 7778.25, Monday’s Buying Day Low (dashed line on chart).
Today: Reference level is 7826.0 – Worth monitoring. above/below = strong/weak
Read this post on Substack
Price relative to v. minor Control at 7833 is worth monitoring; above/below = strong/weak just today.See previous, highlighted notes on chart - these still relevant. Read this post on Substack … [Continue reading]
I wrote 1st Oct 'The minor Control has migrated lower to 7743.50.. I'm using 7743.5 as the key reference here - above/below the minor Control = strong/weak in ST'. ES recovered that level on Friday and has rallied strongly from there. Significant … [Continue reading]
Development: The minor Control has migrated lower to 7743.50 (from 7762). This is very close to the 1/2R off the August high (dashed line on chart) at 7739.5. Control close to centre of range is a balance between Buyers and Sellers. I'm using … [Continue reading]
The given Support levels have not yet been convincingly broken. ES has opened RTH below the 7762 minor Control but is managing to hold 7739.5, the 1/2R off the August high (dashed line on chart). But the response from the Buyers is not convincing … [Continue reading]
ES needs to hold (or quickly recover) 7762, the minor Control, to maintain the ST bullish view. I wrote on Friday 'Until the evidence swings back to the Bears (i.e. time below 7762) the bullish target of 7970 and probably above 8000 is still … [Continue reading]
I wrote yesterday that 'the first mechanical indication of weakness would be a RTH close below Monday's Buying Day Low of 7758.25'. Strictly speaking that happened but it was very close - see the dashed line on the chart and see where yesterday's RTH … [Continue reading]
I wrote yesterday 'the minor Control has migrated higher to 7837. ES is printing below that level pre-RTH today but if it is recovered and held then a move above 7970 would be indicated (probably above 8000)'.That bullish trigger never occurred as ES … [Continue reading]
I wrote pre-RTH on Monday it was 'Looking better for the Bulls'. Monday's session was a strong one with Significant Buying (green) being marked.Development: The minor Control has migrated higher to 7837 (from 7665). ES is printing below that level … [Continue reading]