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See yesterday’s note on chart. I was ‘looking for evidence that Bulls are responding – e.g. ES printing convincingly back above 7412.50, and/or a rejected test below 7350.’
Wednesday’s Value Area was printed above 7412.50 (minor Control) – ST Bulls would want that to hold as Support or recover a test quickly.
There’s a v. minor Control at 7453.5, which was Resistance yesterday.
That’s the two levels I’m watching today.
I wrote 05/14 ‘the first ST mechanical indication of weakness would now be a RTH close below the 05/13 Buying Day Low at 7399.0‘ (dashed on chart). Tuesday’s RTH close was below that level, circled on chart.
We also saw Resistance yesterday at 7412.50, the minor Control, see arrow on chart.
Significant Selling (red) has not been marked yet but the above means caution in ST and I’m now looking for evidence that Bulls are responding – e.g. ES printing convincingly back above 7412.50, and/or a rejected test below 7350.
The minor Control is at 7412.50 and I wrote on Monday that 'price relative to that level is worth monitoring at the start of this week'. Note that ES spent most time on Monday very close to that level. When the market is 'nervous' ahead of a risk … [Continue reading]
I referenced the minor Control at 7412.50 twice last week, see notes 04/13 & 04/14. Friday's Sell-off tested the Control but held and price relative to that level is worth monitoring at the start of this week. I also wrote on 05/14 that 'the … [Continue reading]
I wrote pre-RTH yesterday 'There is 13day Support today at 7412.5 and price relative to that level is worth monitoring'. There was a rejected test of 7412.5 immediately at RTH Open on Wednesday and ES rallied strongly. This is Buyers Responding … [Continue reading]
ES dipped early in Tuesday's RTH but recovered. There is 13day Support today at 7412.5 and price relative to that level is worth monitoring today but the first ST mechanical indication of weakness would still be a RTH close below last Wednesday's … [Continue reading]
LT: See previous Bullish comments and targets, highlighted on chart.ST: I wrote pre-RTH Friday that if ES printed above 7396.5 post RTH Open we could see another strong end to the week. That worked out well off the Open and the strong end to the week … [Continue reading]
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 … [Continue reading]
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 … [Continue reading]
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]