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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) – if Bulls are firmly back in control they will hold ES above that level (dashed line on chart) or recover a test quickly.
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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 today’s RTH above it. Can Bulls hold it?
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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]
ST: I wrote 08/05 'The first sign of mechanical weakness would now be a RTH close below 7656.0', the Buying Day Low on 08/04 (dashed line on chart). That hasn't happened yet but ES needs to recover 7769 before I will assume this dip is over - that is … [Continue reading]
ST: I wrote pre-RTH 08/17 'If ES prints above the Minor (4wk) Control at 7769 it is in a strong ST position'. That Support was broken later on 17th and has not been recovered.I wrote 08/05 'The first sign of mechanical weakness would now be a RTH … [Continue reading]
I wrote 08/05 'The first sign of mechanical weakness would now be a RTH close below 7656.0, yesterday's Buying Day Low (dashed line on chart)'.ST: If ES prints above the Minor (4wk) Control at 7769 (minor 4wk Control) it is in a strong ST … [Continue reading]
LT: ES has been in a strong position since 30th July when it recovered (and subsequently held) the Major Control at 7448.50.I wrote on 08/05 'The first sign of mechanical weakness would now be a RTH close below 7656.0, yesterday's Buying Day Low … [Continue reading]
ES has been in a strong position since 30th July when it recovered (and subsequently held) the Major Control at 7448.50, see previous notes on chart. Significant Buying was marked on Monday and again yesterday. The first sign of mechanical … [Continue reading]