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ES needs to hold (or quickly recover) 7762, the minor Control, to maintain the ST bullish view. I wrote on Friday ‘Until the evidence swings back to the Bears (i.e. time below 7762) the bullish target of 7970 and probably above 8000 is still indicated‘.
There is also natural Support at 7739.5, the 1/2R off the August high (dashed line on chart).
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I wrote yesterday that ‘the first mechanical indication of weakness would be a RTH close below Monday’s Buying Day Low of 7758.25‘. Strictly speaking that happened but it was very close – see the dashed line on the chart and see where yesterday’s RTH ended. Also yesterday’s RTH closed well off the session low and as I also wrote yesterday ‘looking for the Bulls to respond again here and hold this rally together‘ – I give the Bulls the benefit of any doubt here.
Development: the minor Control migrated lower to 7762 – pre-RTH ES is printing above that level. Until the evidence swings back to the Bears (i.e. time below 7762) the bullish target of 7970 and probably above 8000 is still indicated.
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I wrote yesterday 'the minor Control has migrated higher to 7837. ES is printing below that level pre-RTH today but if it is recovered and held then a move above 7970 would be indicated (probably above 8000)'.That bullish trigger never occurred as ES … [Continue reading]
I wrote pre-RTH on Monday it was 'Looking better for the Bulls'. Monday's session was a strong one with Significant Buying (green) being marked.Development: The minor Control has migrated higher to 7837 (from 7665). ES is printing below that level … [Continue reading]
I wrote 09/17 that 'ES has to hold 7665 to put the odds back on the Bull side'. Value Areas were generated above that level on Thu and Fri. Looking better for the Bulls - price back below 7665 would alter that view. ES has printed above 7770 pre-RTH … [Continue reading]
The 1/2R off the August high is at 7739.5 (dashed line). This natural Resistance was tested overnight and ES then declined back below 7700. The first rally in a bear move will often be capped at the 1/R off high so it's an important level to monitor. … [Continue reading]
I wrote yesterday 'the minor Control fell to 7665. If this Support is broken the ST downside target is 7600'. It played out like that. There was a brief test of the 7600 Support and ES has bounced strongly since then - printing above 7720 this … [Continue reading]
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 … [Continue reading]
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. Read this post … [Continue reading]
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]