Summary:Support = 7437, the major Control.Resistance = 7742, the minor Control. Move above 8000 expected if Resistance broken. Little directional conviction currently. 7622 may attract time and as per note 11/10 ‘I’m also interested to see if the Control might move again’.

The 4mn Control migrated lower to 7437 on Thursday. I wrote ‘Price relative to this level is now important to watch. Can Bulls hold this level or recover it after a further dip?’. ES rallied on Monday to just above 7600; the 1/2R Resistance is at 7613. Price above that level would be a positive. […]

On Thursday there was a sharp rejection from the Resistance at 7743.5. Development: The 4mn Control has now migrated lower to 7437 (from 7743.5). Price relative to this level is now important to watch. Can Bulls hold this level or recover it after a further dip? Currently price is oscillating around it. Read this post […]

I wrote yesterday ‘Strength would be indicated by acceptance (time) above the 4mn Control at 7743.5‘. ES was strongly higher on Wednesday but found Resistance at that level, arrowed on chart. Acceptance (a Value Area) above the Control would be a positive indication in the longer timeframe. Read this post on Substack

ST: ES dipped below 7500 overnight. There is minor Support at 7586. First sign of strength would be holding that level. LT: Strength would be indicated by acceptance (time) above the 4mn Control at 7743.5 but as per yesterday’s note ‘that Control could move‘ (see also 11/02 note on chart).

From note 10/26 ‘If ES is printing below the 4mn Control at 7743.5 it is in a weak position and new longs would be risky‘.Value Areas on Friday and Monday were printed entirely below that level. Price relative to 7743.5 is important to watch – but that Control could move (see yesterday’s note on chart).

I wrote on 10/26 ‘ES 7635-7640 is an area of price that could support a reversal which would be indicated by a test into that zone and a fast rejection’. See also note on 10/07, highlighted on chart. Today ES has tested that level. And, importantly, I also wrote that ‘Acceptance (time) at those levels […]

ST: ES 7635-7640 is an area of price that could support a reversal which would be indicated by a test into that zone and a fast rejection. Acceptance (time) at those levels would likely indicate the opposite and suggest lower. LT: In any case if ES is printing below the 4mn Control at 7743.5 it […]

ES is currently printing below 7743.5 (4mn Control) in a weak position and a test of last week’s low (7676) looks likely, see Monday’s note highlighted on chart. Today, price relative to the v. minor Control at 7699.5 is worth monitoring.

ES Short-term: Indication at the start of this week was for a test of Friday’s low (7676) and ‘possibly a test of 7635‘. Time at 7737 could change that. ES Longer-term: I have been writing since 9th Oct that ‘As long as ES prints above the 4mn Control at 7743.5 I remain bullish’. This week […]