Daily analysis - Stock Market, Bonds, Forex and more
ST: ES 7635-7640 is an area of price that could support a reversal which would be indicated by a test into that zone and a fast rejection. Acceptance (time) at those levels would likely indicate the opposite and suggest lower.
LT: In any case if ES is printing below the 4mn Control at 7743.5 it is in a weak position and new longs would be risky. Weekly lows have been printed on Fridays for the last two weeks – this is often a weak pattern and Bulls need to see that change.
ES is currently printing below 7743.5 (4mn Control) in a weak position and a test of last week’s low (7676) looks likely, see Monday’s note highlighted on chart.
Today, price relative to the v. minor Control at 7699.5 is worth monitoring.
ES Short-term: Indication at the start of this week was for a test of Friday's low (7676) and 'possibly a test of 7635'. Time at 7737 could change that.ES Longer-term: I have been writing since 9th Oct that 'As long as ES prints above the 4mn Control … [Continue reading]
I thought a test of Friday's low was indicated for this week and 'possibly a test of 7635' before a move above 8000, see previous, highlighted notes on chart. I could be wrong (obviously) - Friday's low has yet to be tested and ES showed a minor … [Continue reading]
In yesterday's note I wrote that 'a test of Friday's low is likely'. That is the expectation if ES prints below the 4mn Control at 7743.5. Note that the equivalent level for the Nasdaq 100 E-Mini NQZ26 is 29825, see chart 2. Read this post on … [Continue reading]
Friday closed near the low of the week; below the low of the Mon-Wed range and below the low of the previous week. This pattern indicates a test of Friday's low is likely (possibly a test of 7635). Today's RTH has opened very close to the 4mn … [Continue reading]
9th October 'As long as ES prints above the 4mn Control at 7743.5 I remain bullish'Yesterday's note 'Bulls would want to see Support here or a quick recovery of a dip below it'.Early in Thursday's RTH there was a dip below the Support and a quick … [Continue reading]
I have been writing 'As long as ES prints above the 4mn Control at 7743.5 I remain bullish' - see yesterday's highlighted note on chart. ES briefly tested the Control during Wednesday's RTH (see chart) and prints very close pre-RTH today. Bulls … [Continue reading]
ST: The minor (10day) Support is at 7849.5.LT: As long as ES prints above the 4mn Control at 7743.5 I remain bullish.First sign of mechanical weakness would be a RTH close below 7778.25 which is the Buying Day Low on 10/05 (dashed line). … [Continue reading]
I wrote yesterday that the minor Control had 'moved higher to 7841.5 and that is today's reference level'. Monday's RTH was generated above that level.The minor Control has again moved higher, to 7849.5. Price relative to this level is worth … [Continue reading]