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.

12-month Support moved higher to 5248. Bulls would want to see ES hold this level or recover a test quickly. Price below 5248 would be a weak position and indicate further weakness.

First sign of ST strength would be ES holding 5213 (the 1/2R off Monday’s low, or quickly recovering a test of that level. There is Support on daily chart at 5107 – held so far.

Last note was 26th July. I wrote ‘I am eliminating new longs’ as ES had moved into a weaker position, see previous comments highlighted on chart. Support on daily chart at 5107.

Two Values Areas printed below 5534 (now Resistance), the 3mn Control. Unless ES recovers that level or the Control migrates I am eliminating new longs, see yesterday’s note.

Friday’s weak low was taken out, see Monday’s note. So was the 3mn Support at 5534. With no obvious Support that’s close, I need to see 5534 recovered or the Control move (which would take time) before looking at new longs.