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At the start of this week I’m looking for a convincing break above 7592.5 (1month Control) or below 7477.50 (Major Support) as an indication of directional bias in the ST. In the longer timeframe the fact that the Support was held on 06/17 is encouraging for the Bulls.
There were two levels to watch on Wednesday and both came into play. I wrote pre-RTH ‘the minor (1month) Control has fallen to 7592.5 and price relative to that level is important to monitor‘. You can see from the chart that ES found it difficult to recover that level once lost (an indication of weakness) and later in the session fell sharply to the Major Support at 7477.50 which was also given in the note. ES rallied back above 7550 from there.
Bulls would want to see 7477.50 hold here – price printing time below that level would be a negative development. ES 7555 might attract time.
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ST: I wrote yesterday '7617.5 is the minor Control and in the ST price relative to that level is important to monitor'. ES fell below that price early in RTH, found Resistance there later and closed the session at the low. Significant Selling (red) … [Continue reading]
Chart and levels shown are now based on the Sep Contract.ST: 7617.5 is the minor (1month) Control and in the ST price relative to that level is important to monitor. As I write (80 minutes after RTH Open) ES is printing at that level.LT: Maj Support … [Continue reading]
I wrote on Friday that 'acceptance (time) above the 2month Control at 7412.50 (possibly around 7433?) would be the next test for the Bulls'. Most time during Friday's RTH was spent close to that area of price and overnight ES (Jun) has rallied above … [Continue reading]
ST: I wrote yesterday that if ES struggled to recover 7332.5 (8dy) I would anticipate a test below 7175. You can see from the chart that 7332.5 was Resistance in the early part of Thursday's RTH but ES spiked above it later in the session. That was … [Continue reading]
I wrote yesterday 'I'm being cautious here - either ES recovers that level (7412.50) or I will wait for a minor Control to emerge that I can reference before looking at new longs'. A minor Control has emerged - at 7332.5 (8day). That level was … [Continue reading]
I wrote yesterday that price below 7412.50, the 2month Support, would be a weaker position. ES opened RTH above the Support but quickly fell below it and has not recovered. I'm being cautious here - either ES recovers that level or I will wait for a … [Continue reading]
ES declined sharply on Friday to test the 2month Support at 7412.50. Price below that level is a weaker position. ES has recovered that Support and LT Bulls would want to see it hold. I've been writing 'The first mechanical indication of weakness … [Continue reading]
ES 7540.50 is now 6week Control - by time at that level overnight yesterday. On Thursday ES printed RTH low just above that price and rallied, only to decline overnight. ES has tested it post-RTH open today. Price below that Control is a weaker … [Continue reading]