Daily analysis - Stock Market, Bonds, Forex and more
I wrote yesterday that ‘ES is in a stronger position‘. ES had a very constructive day yesterday; Significant Buying was marked and now the first sign of mechanical weakness would be a RTH close below 7542.75, yesterday’s Buying Day Low (dashed line on chart).
I also wrote yesterday ‘Today, 7557 could attract time‘ – price action was actually the opposite of that – there was a very brief rejected test of that level at the RTH Open and ES rallied strongly.
read this post on Substack
I wrote on Friday that the Major Control at 7448.5 was ‘now Support‘ and ES would be ‘in a stronger position if it holds’. I also wrote that 7514.5 was ‘minor Resistance today‘.
Both levels came into play – first a rejected test of the Resistance; then a decline from there and a rejected test of the Support. ES is in a stronger position. Today, 7557 could attract time.
read this post on Substack
I wrote yesterday that price relative to the Major Control at 7448.5 was important to monitor. That Resistance (now Support) was recovered yesterday which puts ES in a stronger position if it holds.Development: The minor (1mn) Control is at 7514.5. … [Continue reading]
I wrote on 20th July 'Bulls would regain ST Control if ES can print time back above the Major at 7556.5, currently Resistance'. Subsequently, there was a very brief (minutes) rejected test of that Resistance on 07/22 (arrowed on chart) and ES has … [Continue reading]
I wrote early last week that 'The first mechanical indication of weakness would be a RTH close below 7552.75' 07/10 Buying Day Low (dotted line). Friday's RTH close was below that level. Bulls would regain ST Control if ES can print time back … [Continue reading]
I wrote yesterday 'to maintain its strong position, ES has to hold the Major Control at 7556.5 (or recover a test quickly)'. Overnight, ES broke that level and declined quickly. Post-RTH Open today, ES has printed below 7480.Can the Bulls recover the … [Continue reading]
LT: to maintain its strong position, ES has to hold the Major Control at 7556.5 (or recover a test quickly).ST: as per yesterday's note, price relative to 7598 (v. min. Control) is worth monitoring.The first mechanical indication of weakness would be … [Continue reading]
Development: the Major Control has migrated higher to 7556.5. Bulls would want this to hold or recover a test quickly.ST: On Monday ES held the minor Support given in the pre-open note. That's good. Today, price relative to 7598 (v. min. Control) is … [Continue reading]
ES remains in a strong position. LT: the Major Control Support at 7448.5 was held last week and daily Values Areas have been generated above that level for the past two weeks.ST: There is also minor (3week) Support 7552.5 which came into play last … [Continue reading]
I wrote yesterday that 'a little more time around 7555 and the Major Control would migrate to that level. Watching for that as it would likely signal a new directional move is imminent'. That didn't happen yet but ES remains in a strong position - as … [Continue reading]