See previous, highlighted notes on chart, these are still relevant. Resistance remains at 6800 and my hunch says this will hold for today so possibly another consolidating day? but imo Buyers are in control until evidence says otherwise. First indication of mechanical weakness would be a RTH close below 6705.25, the 10/01 Buying Day Low […]

See previous, highlighted notes on chart. Friday saw the high of the week which is always a positive for the LT trend. First indication of mechanical weakness would be a RTH close below 6705.25, Wednesday’s Buying Day Low (dashed line on chart), which is just above the Control (Support) at 6702.5. I also wrote 10/02 […]

Please review yesterday’s note, highlighted on chart. ES opened RTH on Wednesday above the 6702.5 Control and immediately rallied to a new high. Significant Buying (green) was marked so first ST indication of weakness would now be a RTH close below 6705.25, yesterday’s Buying Day Low (dashed line on chart). Potential stall level today just […]

I wrote yesterday that ‘If ES struggles to print time above 6710 we could see further weakness but time above 6710 would indicate new highs‘. Tuesday’s Value Area was printed below 6710. Development: the important Control has now moved to 6702.5. A Control migrating like this will often preceed a directional move in price so […]

Important level to watch today is 6710. If ES struggles to print time above that level we could see further weakness but time above 6710 would indicate new highs.

ES tested the daily 20ema (as expected) and recovered, see Thursday’s note, highlighted on chart. I wrote Friday ‘Buyers need to recover 6671 or further weakness would be indicated‘- that’s what happened so for now, last week’s price action looks like another bought dip. Significant Sellers (red) marked below 6671 would quickly change that view.

Thursday: The ST Control at 6671 capped the upside of the session and subsequently ES declined to test the daily 20ema, see yesterday’s note, highlighted on chart. Today: Early in today’s session ES recovered the 6671 Control but gave it back; 2 hours in it is printing back below the Control in a weak position. […]

I wrote Tuesday that the ‘first mechanical indication of weakness would now be a RTH close below 6705.75, Monday’s Buying Day Low’ (dashed line). That happened yesterday. My usual expectation would now be a test of the 20ema (daily) which is at 6635 today. That is below the ST Control at 6671, and would put […]

I wrote Tuesday that the ‘first mechanical indication of weakness would now be a RTH close below 6705.75, Monday’s Buying Day Low‘ (dashed line on chart). That hasn’t happened yet.Today: In the ST there is v min. Support at 6718.5. Further upside could be triggered if time is printed above 6730 (minor VAH).

ES reached the ST target at 6743.5 on Monday. The targets will often be rejected once hit. This hasn’t, and Significant Buying (green) was marked again so the first mechanical indication of weakness would now be a RTH close below 6705.75, Monday’s Buying Day Low (dashed line).