Daily analysis - Stock Market, Bonds, Forex and more
Now following the Dec contract.
Markets await Fed interest rate decision so there could fireworks later today but here’s the levels to watch.
ES: the minor Control fell to 7665. If this Support is broken the ST downside target is 7600. LT Support at 7510 and Resistance at 7752.
SPY: ST downside target 752.0. LT Support at 737.
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ST: Overnight 09/09, the Support at 7686 (2mn Control) was broken. ES is in a weaker position below that level and unless it can be recovered a test of 7535 would look likely.
LT: Long-term Support is the Major Control at 7448.5.
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From note 08/25 'ES needs to recover 7769 before I will assume this dip is over'. There was a rejected test of that Resistance on 08/28 and that level was not recovered.From note 09/03 'The 2mn Control has migrated lower to 7686. This is the level to … [Continue reading]
The Resistance at 7686 was a problem on Wednesday but Thursday's RTH generated a Value Area entirely above that level. ES has not yet recovered 7769 (see previous notes on chart) but today I'm watching price relative to 7728 (1/2R off Aug high) - … [Continue reading]
Development: The 2mn Control has migrated lower to 7686. This is the level to monitor in the ST.I wrote yesterday that 7686 was 'First Resistance' and so it proved during yesterday's RTH (see chart) but ES has now recovered that level and has opened … [Continue reading]
I wrote 08/25 'ES needs to recover 7769 before I will assume this dip is over'. There was a rejected test of that Resistance on 08/28 (arrowed on chart). As I wrote 08/27 'Not enough evidence supporting the bull case yet'.Today, First level … [Continue reading]
I wrote yesterday that 'price relative to 7686 (12dy Control) is worth monitoring'. For the first half of yesterday's session ES meandered around that level but interestingly, in the pm, a small base was built just above it (see arrow on chart) and … [Continue reading]
See yesterday's notes on today's chart (below) - they're relevant.Today, price relative to 7686 (12dy Control) is worth monitoring. … [Continue reading]
ST: I wrote 08/05 'The first sign of mechanical weakness would now be a RTH close below 7656.0', the Buying Day Low on 08/04 (dashed line on chart). That hasn't happened yet but ES needs to recover 7769 before I will assume this dip is over - that is … [Continue reading]
ST: I wrote pre-RTH 08/17 'If ES prints above the Minor (4wk) Control at 7769 it is in a strong ST position'. That Support was broken later on 17th and has not been recovered.I wrote 08/05 'The first sign of mechanical weakness would now be a RTH … [Continue reading]