Potentially a volatile day. There is now a minor (10day) Control at 5624 – price relative to that level may be worth monitoring intra-day. In the longer-term as long as the Support at 5458 is held I’m targeting 5790.

Value Areas have been higher or overlapping/higher for nine consecutive days with Significant Buying (green) marked four times in that period. As per yesterday’s note, a RTH close below 5573.5 would be first sign of weakness.

Significant Buying activity (green) was marked again on Monday. The session low was 5573.5; a RTH close below 5573.5 would be a mechanical indication of weakness and put the 5790 target in doubt, see yesterday’s note.

Last week was constructive. ES recovered the 1/2R off the July high (5420); the minor Support moved higher to 5458; and Significant Buying activity (green) was marked three times. As long as 5458 is held I’m targeting 5790. A RTH close below 5547.5, Friday’s Buying Day Low, would not be helpful to that scenario.

Critical that ES holds the 1/2R Support (dashed line on chart) at 5420 – as long as it does I’m targeting 5800.

Minor Support moved higher again, now at 5458. Below that, 1/2R Support (dashed line) off the July high, is at 5420, see note 08/12.

ES held the minor Support (which was 5344.5), see Monday’s note. On Tuesday that minor Support moved higher to 5368.5. Also in yesterday’s session, ES rallied above 5420, the 1/2R Resistance (dashed line) off the July high – which is a stronger position. That level is now First Level Support.

On Friday the minor (15day) poc moved to 5344.5. That’s the Support level to monitor at the start of the week. Time below 5344.5 would put ES in a weaker position and indicate lower. 1/2R Resistance (dashed line on chart) off the July high is at 5420. Time above that level would put ES in […]

On Wednesday price quickly recovered a test of the 12-month Support at 5248, see Wednesday’s note. Price action off Monday’s low not particularly convincing – overlapping Value Areas. v. minor Resistance today at 5350.