Daily analysis - Stock Market, Bonds, Forex and more
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 worth monitoring.
read this post on Substack
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 week and the first mechanical indication of weakness would now be a RTH close below that level, which was also very close to Friday’s Buying Day Low (dotted line).
read this post on Substack
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]
Pre-RTH today ES is printing above 7448.5, the Major Control, attempting to recover a stronger position, see Friday's highlighted note on chart. Resistance remains at 7493 (dashed line on chart) the 1/2R Resistance off June high. As I wrote on … [Continue reading]
Price action for last three days has been below the 1/2R Resistance at 7493 (dashed line on chart) and Thursday's Value Area was generated entirely below 7448.5, the Major Control. imo these are indications of further weakness. At current levels … [Continue reading]
Development: The Major Control at 7477.5 has migrated lower to 7448.5. That's Support today and Bulls would want to see ES hold that level or quickly recover it on a test.Resistance in play at the moment is the 1/2R off June high at 7493 (dashed … [Continue reading]