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The 1/2R off the August high is at 7739.5 (dashed line). This natural Resistance was tested overnight and ES then declined back below 7700. The first rally in a bear move will often be capped at the 1/R off high so it’s an important level to monitor. Price above that Resistance (now proven) would be a positive.
First Support is at 7665, the minor Control.
ST: today, price relative to 7701 is worth monitoring.
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I wrote yesterday ‘the minor Control fell to 7665. If this Support is broken the ST downside target is 7600‘.
It played out like that. There was a brief test of the 7600 Support and ES has bounced strongly since then – printing above 7720 this morning.
ES has to hold 7665 (ideally with Significant Buying (green) being printed above that level) to put the odds back on the Bull side.
The SPY ST downside target I gave yesterday was 752.0. Low came in at 749.6. Price printing time above the 765.5 Resistance would be a positive for the Bulls.
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Now following the Dec contract.Markets await Fed interest rate decision so there could fireworks later today but here's the levels to watch.ES: the minor Control fell to 7665. If this Support is broken the ST downside target is 7600. LT Support at … [Continue reading]
ST: Overnight 09/09, the Support at 7686 (2mn Control) was broken. ES is in a weaker position below that level and unless it can be recovered a test of 7535 would look likely. LT: Long-term Support is the Major Control at 7448.5. Read this post … [Continue reading]
From note 08/25 'ES needs to recover 7769 before I will assume this dip is over'. There was a rejected test of that Resistance on 08/28 and that level was not recovered.From note 09/03 'The 2mn Control has migrated lower to 7686. This is the level to … [Continue reading]
The Resistance at 7686 was a problem on Wednesday but Thursday's RTH generated a Value Area entirely above that level. ES has not yet recovered 7769 (see previous notes on chart) but today I'm watching price relative to 7728 (1/2R off Aug high) - … [Continue reading]
Development: The 2mn Control has migrated lower to 7686. This is the level to monitor in the ST.I wrote yesterday that 7686 was 'First Resistance' and so it proved during yesterday's RTH (see chart) but ES has now recovered that level and has opened … [Continue reading]
I wrote 08/25 'ES needs to recover 7769 before I will assume this dip is over'. There was a rejected test of that Resistance on 08/28 (arrowed on chart). As I wrote 08/27 'Not enough evidence supporting the bull case yet'.Today, First level … [Continue reading]
I wrote yesterday that 'price relative to 7686 (12dy Control) is worth monitoring'. For the first half of yesterday's session ES meandered around that level but interestingly, in the pm, a small base was built just above it (see arrow on chart) and … [Continue reading]
See yesterday's notes on today's chart (below) - they're relevant.Today, price relative to 7686 (12dy Control) is worth monitoring. … [Continue reading]