In the ST, a minor (10day) Control has emerged at 6485. Price relative to thaat level today may be useful to monitor. To the upside ES might find price above 6518 a problem if reached. No indications of weakness yet though and bias currently is higher.

In the ST, I believe a new distribution (up) began on 7th August. I’m monitoring that but ES is not providing enough useful information from time at price. Mechanically, it is clear though: first sign of weakness would be a RTH close below 6408.50, Tuesday’s Buying Day Low (dashed line on chart) and Support at […]

Significant Buying (green) was marked again on Tuesday. First mechanical indication of weakness would now be a RTH close below 6408.50, Tuesday’s Buying Day Low (dashed line on chart).ST Support has migrated higher to 6404.50 (from 6365).

Monday’s Value Area was overlapping Friday’s – most likely the market awaiting today’s inflation data. That has just been released and ES has rallied initially back towards Monday’s high. Difficult to add anything to Monday’s note – first indication of mechanical weakness would be a RTH close below 6379.75, Friday’s Buying Day Low (dashed line […]

Significant Buying (green) was marked on Friday and the first indication of mechanical weakness would now be a RTH close below 6379.75, Friday’s Low (dashed line on chart).ST Support = 6365.More important (2mn) Support = 6302.

I wrote on Wednesday that ‘Price around 6365 could attract time‘. That’s what happened on Wednesday and again on Thursday – ES likes this level and it could attract more time today. The ST Control has migrated there and with more time maybe a shift on a higher timeframe?? I’m not initiating new longs below […]

I wrote yesterday that ‘Price around 6365 could attract time and if ST Control migrated there it might produce a clearer picture‘. During yesterday’s session ES rallied and spent enough time at 6365 to lift the ST Control to that level as I suspected it might. ES has rallied further and 6365 is now ST […]

Two Values Areas printed above the 6302.5 Control – a positive. That’s the Support I’m watching and would want to see it hold or reject a test to keep the odds in the bulls favour.I wrote yesterday that I have low conviction in the Short Term. Price around 6365 could attract time and if ST […]

Yesterday I wrote ‘In a downtrend, strength tends to come at the beginning of the week and then fades, I’m watching for that’. Monday did rally – but stronger than I would expect if Sellers are taking charge, i.e. Significant Buying (green) was marked and a Value Area was generated entirely above the 6302.5 Control. […]

Summary: There was rejection at the 6455 target (note 07/25). Thursday closed below 6402.5 (dashed line on chart), which was the First mechanical indication of weakness (note 07/29). The Control at 6302.5 has been tested (note 07/17). read this on SubstackIn a downtrend, strength tends to come at the beginning of the week and then […]