I wrote yesterday ‘The v. minor Control has migrated higher to 7618 and price relative to that level is worth monitoring today‘. You can see from the chart that the RTH Open was below that level and ES never recovered it during the session.
Overnight ES has declined further and spent most time at 7540.5, the minor Control – as I’ve written many times when a market returns quickly to the local Control it often indicates nerves/uncertainty ahead of news/event and a market waiting for the next catalyst – so price relative to 7540.5 is important to monitor.
The first mechanical indication of weakness would be a RTH close below 7525.25, last Thursday’s Buying Day Low (dashed).
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