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Some ST technical indicators are oversold and a rejected test below 6560 might attract Buyers but the rejected test of the Major Control at 6853 on 03/10 (arrowed) was a sign of weakness in the longer timeframe, Sellers in Control – so as I wrote 03/05, ‘I won’t look at new longs currently below 6853′.
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There’s been nine consecutive Value Areas generated entirely below the Major Control at 6853 including a rejected test of that level on 03/10 (arrowed). As I’ve been writing – I won’t look at new longs below that level.
read this post on Substack
In the first hour of RTH today (see chart) ES has tested that VAL at 6670 again (dashed). Maybe third time lucky and we bounce with conviction – but as I wrote on Friday ‘ES needs to bounce back – more time around 6670 (12mn VAL) and a Control could develop at that level which would be a further negative’.
Seven consecutive Value Areas generated entirely below the Major Control at 6853. That's not great in LT. As I've previously written - I won't look at new longs below that level. read this post on SubstackI wrote on Friday 'ES needs to bounce back … [Continue reading]
Thursday's Value Area was generated just above the 12mn VAL at 6670 (dashed line on char). ES needs to bounce back - more time around 6670 and a Control could develop at that level which would be a further negative. read this post on … [Continue reading]
ES has generated 5 consecutive Value Areas entirely below the Major Control at 6853, see chart, which is not great. 03/05 I wrote 'I won't look at new longs currently below the Control'(6853). It's a weak position in the longer time-frame. read … [Continue reading]
I wrote yesterday 'Bullish would be ES recovering the 6853 Major Control'. You can see in yesterday's RTH that ES approached that Resistance but did not exceed it. 03/05 I wrote 'I won't look at new longs currently below the Control' (6853). That … [Continue reading]
I wrote 03/06 that the more time spent around the 6mn VAL (dashed) 'the more likely we go lower'. Although there was no obvious Support I could identify I can see from same dataset that the 12mn VAL at 6670 was valid and was tested briefly on Monday, … [Continue reading]
03/05 I wrote 'I won't look at new longs currently below the Control' (6853). I wrote on Friday that the more time spent around the 6mn VAL (dashed) 'the more likely we go lower - Bulls would hope for another bounce here'. read this post on … [Continue reading]
I wrote yesterday that 'Today, price relative to 6866.5 is worth monitoring'. That level was briefly tested early in the session but rejected. I also wrote 'I won't look at new longs currently below the Control' (6853). Yesterday's Value Area was … [Continue reading]
Since mid-February price has been oscillating around and centred close to the Major Control at 6853. Even after the recent decline on global news price has found its way back to that level after a brief test of the 6mn VAL (dashed) on Tuesday proving … [Continue reading]