Daily analysis - Stock Market, Bonds, Forex and more
ST: Minor (5day) Control has emerged at 7396.5. Price relative to that level is worth monitoring today. If ES prints above that price post RTH Open we could see another strong end to the week.
The first ST mechanical indication of weakness would be a RTH close below Wednesday’s Buying Day Low at 7327.25 (dashed on chart).
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ES powered ahead to another ATH. On Wednesday, Significant Buying (green) was marked for the fifth time since the low on 30th March which was also the last day that Significant Selling (red) was marked. The first ST mechanical indication of weakness would be a RTH close below yesterday’s Buying Day Low at 7327.25 (dashed). btw we haven’t seen a RTH close below any of the four previous Buying Day Lows = strong trend.
Overnight ES has printed above 7360. The breakout and extension had been anticipated - see previous, highlighted notes on chart. On 04/17 I established bullish targets for ES and SPY if the Major Control held as Support, which it did, see that … [Continue reading]
I wrote pre-RTH on 04/30 'as long as 7157 is held, ES is in position for a strong end to the week'. That's what we saw. Three consecutive Value Areas have since been generated above 7157 which is a further positive and that level is First Support.ST: … [Continue reading]
I wrote pre-RTH yesterday that 'as long as 7157 is held, ES is in position for a strong end to the week'. The low of the session was 7157.25, right at the Support and ES rallied strongly from there to a new high and quite likely, a strong end to the … [Continue reading]
In Wednesday's session ES spent more time at 7157.0, the 1mn Control. It is normal ahead of data, risk events etc that a market will return to the nearest significant Control. That's just something I've observed and commented on many times. With data … [Continue reading]
ST: The 1mn Control has migrated higher to 7157.0. This is Support for today. Price relative to 7172.5 is also important to monitor post-RTH Open. Price above that level early in the session could see ES higher.LT: For longer-term view see previous … [Continue reading]
I wrote 04/23 'I'm watching for a possible test-reverse but more likely a break higher that holds and then extends'. On Friday ES broke higher and is holding the higher level so far. There is Support at 7137.5 and if we are going to see the break … [Continue reading]
Yesterday I wrote that last week's high (7185.75) which came on Friday, was worth monitoring and likely to be tested. I wrote 'I'm watching for a possible test-reverse but more likely a break higher that holds and then extends'. Jury is out on that - … [Continue reading]
LT: As long as ES hold the Major Support at 6853 it's in a strong position, see highlighted notes 04/14, /15, /17, on chart.ST: Last week's high came on Friday. When that happens it's rare for the following week not to test that high. We haven't done … [Continue reading]