Development: The minor (3wk) Control migrated to 5918. This level may attract more time. Price relative to 5918 (currently Support) is important to monitor.

Friday’s low was briefly tested at Tuesday’s RTH open and ES rallied immediately. The 1/2R Resistance from last week’s high at 5944.25 has been tested today but not exceeded. That’s the first challenge for Bulls in the ST. Time above that level would be a positive but we’ll see.

Unconvincing response from Buyers since Friday’s low. Today, price relative to 5905 is worth monitoring. ES printing time below that level early in today’s session would increase the odds that Friday’s low gets broken and we see 5771.50 tested, see yesterday’s note.

Significant Selling was noted last week. 1) Thursday RTH closed below 5976 (most recent Buying Day Low (11/07). That’s a mechanical sign of weakness.2) Significant Selling was marked (red) on Thursday.3) Friday was a weak day.Having said that, the net result was only a 50% retracement of previous week’s rally, so not convinced Sellers are […]

Mechanically, the first sign of LT weakness would come with a RTH close below 5976 (Thursday’s Buying Day Low). Today, there is a ST (9day) Control at 6024 – price relative to that level is worth monitoring. Rejection still a possibility here, see Friday’s note, highlighted on chart.

From Friday’s note ‘If ES struggles to maintain momentum above that level (6015) it wouldn’t be a surprise but trend is clearly up‘. ES is currently holding above 6015.Mechanically, the first sign of weakness would come with a RTH close below 5976 (Thursday’s Buying Day Low).

Previously mentioned (10/15) upside target at 6015 is close. If ES struggles to maintain momentum above that level it wouldn’t be a surprise but trend is clearly up as per the weekly chart shown yesterday. That needs respect so a clear rejection would be first indication of change. Big Support remains at 5771.50 and price […]

ES recovered the Control at 5771.50 – Tuesday’s Value Area was generated entirely above that level and Significant Buying (green) was marked, see note 4th November on chart. Explosive move after that with ES reaching a new high – see Weekly chart top left.

Little to add to yesterday’s note. Price below the 5771.50 minor Control is a weak position – Monday’s Value Area was generated entirely below that level. Minor Control could fall to 5753 area with time there today. I’ll post if that happens because that could be a significant development. The major Control is currently at […]

The minor Control has migrated back to 5771.50, see note 10/31. ES is currently printing below that level in a weaker position. Bulls would want to see Significant Buying Activity (green) above that level. The major Control is at 5635 and that is the next Support.