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I wrote early last week that ‘The first mechanical indication of weakness would be a RTH close below 7552.75‘ 07/10 Buying Day Low (dotted line).
Friday’s RTH close was below that level. Bulls would regain ST Control if ES can print time back above the Major at 7556.5, currently Resistance.
I wrote yesterday ‘to maintain its strong position, ES has to hold the Major Control at 7556.5 (or recover a test quickly)‘.
Overnight, ES broke that level and declined quickly. Post-RTH Open today, ES has printed below 7480.
Can the Bulls recover the Major Control?
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LT: to maintain its strong position, ES has to hold the Major Control at 7556.5 (or recover a test quickly).ST: as per yesterday's note, price relative to 7598 (v. min. Control) is worth monitoring.The first mechanical indication of weakness would be … [Continue reading]
Development: the Major Control has migrated higher to 7556.5. Bulls would want this to hold or recover a test quickly.ST: On Monday ES held the minor Support given in the pre-open note. That's good. Today, price relative to 7598 (v. min. Control) is … [Continue reading]
ES remains in a strong position. LT: the Major Control Support at 7448.5 was held last week and daily Values Areas have been generated above that level for the past two weeks.ST: There is also minor (3week) Support 7552.5 which came into play last … [Continue reading]
I wrote yesterday that 'a little more time around 7555 and the Major Control would migrate to that level. Watching for that as it would likely signal a new directional move is imminent'. That didn't happen yet but ES remains in a strong position - as … [Continue reading]
A little more time around 7555 and the Major Control would migrate to that level. Watching for that as it would likely signal a new directional move is imminent. … [Continue reading]
ST: I wrote yesterday that 'the first mechanical sign of weakness in the ST would now be a RTH close below 7552.5 (dotted line), yesterday's Buying Day Low'. The RTH close on Tuesday was 7552.0 according to my data.LT: see note 07/02 on chart. Both … [Continue reading]
ST: v min Control at 7560.5. Price post-RTH open today worth monitoring.LT: 1/2R Support off June high is at 7493 (dashed line). The first mechanical sign of weakness would be a RTH close below 7409 (dotted line), 06/29 Buying Day Low. Major Control … [Continue reading]
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 … [Continue reading]