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ES declined sharply on Friday to test the 2month Support at 7412.50. Price below that level is a weaker position. ES has recovered that Support and LT Bulls would want to see it hold.
I’ve been writing ‘The first mechanical indication of weakness would be a RTH close below 7525.25, the Buying Day Low on 05/28 (dashed). That happened on Friday.
ES 7540.50 is now 6week Control – by time at that level overnight yesterday.
On Thursday ES printed RTH low just above that price and rallied, only to decline overnight. ES has tested it post-RTH open today.
Price below that Control is a weaker location and unless it is recovered quickly, a test 7490 would be my downside expectation today.
I wrote yesterday 'The v. minor Control has migrated higher to 7618 and price relative to that level is worth monitoring today'. You can see from the chart that the RTH Open was below that level and ES never recovered it during the session. Overnight … [Continue reading]
ST: The v. minor Control has migrated higher to 7618 and price relative to that level is worth monitoring today. If ES recovers that level post RTH-open and moves higher today I will be watching to see if price is accepted (time) above 7630 … [Continue reading]
ST: A v. minor Control (5day) has emerged at 7588.0. Price relative to that level is worth monitoring today. Possibility of a rejected test early in RTH as ES is printing close. 13day Support at 7540.5.LT: The first mechanical indication of weakness … [Continue reading]
I wrote yesterday 'the v minor Control has now moved higher to 7540.5 and price relative to that new level is worth monitoring today - a possible rejected test early in RTH as ES is printing close'. ES opened just below that level and very … [Continue reading]
On Tuesday I wrote ‘First level Support this week is 7491’ (v minor Control). That has not been tested but the v minor Control has now moved higher to 7540.5 and price relative to that new level is worth monitoring today - a possible rejected test … [Continue reading]
In a bull market, if there's relative weakness to be seen it's usually at the beginning of the week with strength at the end of the week. First level Support this week is 7491 if that pattern repeats, with more important Support (5 week) at 7412.50. … [Continue reading]
See yesterday's note on chart. I wrote 'Wednesday's Value Area was printed above 7412.50 (minor Control) - ST Bulls would want that to hold as Support or recover a test quickly'. See chart, 7412.50 was clear Support on Thursday, a rejected test and … [Continue reading]
See yesterday's note on chart. I was 'looking for evidence that Bulls are responding - e.g. ES printing convincingly back above 7412.50, and/or a rejected test below 7350.' Wednesday's Value Area was printed above 7412.50 (minor Control) - ST … [Continue reading]