Daily analysis - Stock Market, Bonds, Forex and more
ES is in a much stronger position than last week and not just because it has rallied – it has recovered both the Major Control at 7448.5 and the 1/2R off June high at 7493, now Support (dashed line on chart).
The first mechanical sign of weakness would be a RTH close below 7409 (dotted line on chart), Monday’s Buying Day Low.
Pre-RTH today ES is printing above 7448.5, the Major Control, attempting to recover a stronger position, see Friday’s highlighted note on chart. Resistance remains at 7493 (dashed line on chart) the 1/2R Resistance off June high. As I wrote on Friday, ‘I would want both levels to be recovered before looking at new longs’.
read this post on Substack
Price action for last three days has been below the 1/2R Resistance at 7493 (dashed line on chart) and Thursday's Value Area was generated entirely below 7448.5, the Major Control. imo these are indications of further weakness. At current levels … [Continue reading]
Development: The Major Control at 7477.5 has migrated lower to 7448.5. That's Support today and Bulls would want to see ES hold that level or quickly recover it on a test.Resistance in play at the moment is the 1/2R off June high at 7493 (dashed … [Continue reading]
LT: The Major Control Support at 7477.5 was broken on Tuesday and in fact became Resistance. Bulls would want to see that level recovered asap.ST: The 1mn Control shifted lower from 7592.5 to 7446.5. Price printing time below that level is a more … [Continue reading]
I wrote yesterday 'I'm looking for a convincing break above 7592.5 (1month Control) or below 7477.50 (Major Support) as an indication of directional bias in the ST'. In Monday's RTH there was an immediate rejection at the 7592.5 Resistance, see … [Continue reading]
At the start of this week I'm looking for a convincing break above 7592.5 (1month Control) or below 7477.50 (Major Support) as an indication of directional bias in the ST. In the longer timeframe the fact that the Support was held on 06/17 is … [Continue reading]
There were two levels to watch on Wednesday and both came into play. I wrote pre-RTH 'the minor (1month) Control has fallen to 7592.5 and price relative to that level is important to monitor'. You can see from the chart that ES found it difficult to … [Continue reading]
ST: I wrote yesterday '7617.5 is the minor Control and in the ST price relative to that level is important to monitor'. ES fell below that price early in RTH, found Resistance there later and closed the session at the low. Significant Selling (red) … [Continue reading]
Chart and levels shown are now based on the Sep Contract.ST: 7617.5 is the minor (1month) Control and in the ST price relative to that level is important to monitor. As I write (80 minutes after RTH Open) ES is printing at that level.LT: Maj Support … [Continue reading]