Development: The minor Control has migrated lower to 7743.50 (from 7762). This is very close to the 1/2R off the August high (dashed line on chart) at 7739.5. Control close to centre of range is a balance between Buyers and Sellers. I’m using 7743.5 as the key reference here – above/below the minor Control = […]

The given Support levels have not yet been convincingly broken. ES has opened RTH below the 7762 minor Control but is managing to hold 7739.5, the 1/2R off the August high (dashed line on chart). But the response from the Buyers is not convincing either so time (a Value Area) below that 1/2R would indicate […]

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 […]

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 […]

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 remained below 7837 for the entire session. The first mechanical indication […]

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 pre-RTH today but if it is recovered and held then a move above 7970 […]

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 today. ES closed strong on Friday […]

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. Price above that Resistance (now proven) would be […]

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 morning. ES has to hold 7665 (ideally with Significant […]

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 […]