ChartProfit Chart Book – week ending 2nd October 2020

Thursday’s session high came in at the 3387 Resistance, see yesterday’s highlighted comments. With the sell-off on news overnight, ES is printing below 3342.5, the minor poc and is in a weaker position. I wrote yesterday “A Value Area above 3387 would be the next positive to look for and confirm the Buyers are back […]

Read yesterday’s highlighted comments on chart. The minor poc has migrated slightly to 3342.5. As long as ES holds above that level it could be ready to make a directional move higher. Pre-open the high has been 3388 which is above the 3370.5 poc. The obvious Resistance is at 3387 which is the 1/2R on […]

Pre-open on 09/21 I identified 3220 as an area of Support. That held last week (+), see Value Areas. Significant Buying was marked twice (+). Monday’s Value Area was higher than any last week (+). Despite the positives I would want to see at least a Value Area printed above the 3370.50 Resistance before considering […]

Pre-open on 09/21 I identified 3220 as an area of Support. That held last week, see Value Areas. Significant Buying was marked twice. Pre-open today ES prints above 3330. Time below that Support, now proven, would indicate further weakness. Stocks>50dyma Nyse 26%, Nasdaq 26%, R2000 23%. Numbers >50 are supportive. Sentiment: 09/25: My version of […]

ChartProfit Chart Book – week ending 25th September 2020

Please read yesterday’s highlighted comments. This week there has been brief tests of the 3220 area of Support but Value Areas have been generated above that level. Price below that, now proven, Support would indicate further weakness. Pre-open today ES prints just above that level. Stocks>50dyma Nyse 22% (unch), Nasdaq 22% (from 23%), R2000 22% […]

On 3rd Sep, there was a day session close below the low of the previous day which was a Buying Day. I call this a “disruption” for the Buyers and it often leads to further weakness. Same thing happened yesterday, with a close below Tuesday’s Buying Day low (dashed line). That’s not good price action. […]

The 3220 area of Support held up well on Monday, see Monday’s pre-open comments, highlighted. Bulls would want to see that level hold. Tuesday’s session generated a higher Value Area and Significant Buying (green) was marked. That’s encouraging but price above the 3370.50 poc would be a stronger position. There is minor Resistance at 3403 […]