ES has begun ‘acting right’ again for the Bulls, see highlighted Support levels and previous comments. ST Support remains at 5013.0 and ES is in a strong position above that. Pre-open, there was quite a sharp decline but if 5044.5 can be recovered we could see a strong end to the week.

In yesterday’s note I wrote ‘I’m looking for a continuing response from Buyers today before considering new longs – ES holding above 4972.0 (now minor Control) would be a start.’ That level was almost the exact low of the session and Buyers responded immediately, see chart. That’s a positive and Significant Buying (green) was marked […]

Yesterday’s sell-off saw a brief dip below 4940 late in the session followed by an overnight recovery that has tested 5000. The RTH close was well below 5016.25, Friday’s Buying Day Low (dashed line on chart) which was a mechanical indication of weakness. Following that, I’m looking for a continuing response from Buyers today before […]

ES sold off today following hotter-than-expected CPI data. A RTH close below Friday’s Buying Day Low at 5016.25 (dashed line on chart) would be the first mechanical indication of weakness and the First Level Support is the minor Control at 4966.5.

I wrote on Thursday that I wanted ‘to see if ES can print time up here after reaching 5018 target‘. Friday confirmed that, and Significant Buying (green) was marked, so further strength is indicated. The first indication of weakness would be a RTH close below 5016.25, Friday’s Buying Day Low.

5018 reached. As long as ES holds 4966.50 minor Control it’s in a strong position. I want to see if ES can print time up here after reaching 5018 target.

ES printing around 4990 pre-open. I’m targeting 5018. First Level Support is at 4966.50.

The minor Control has moved higher to 4966.5. Price above that level is in a strong position. Last week’s price action was unusual. There was Significant Buying (green) marked on Monday which was negated (RTH close below the low of that day) by Wednesday’s Significant Selling day (red), which in turn was negated by Friday’s […]

I wrote on Friday that I was surprised by the strength of Thursday’s recovery – I thought we were going to see more downside… and ES pushed higher during Friday’s RTH. Today, price relative to 4954.5 (minor Control) is worth monitoring, if that level can hold in the ST it will keep ES in a […]

I marked Significant Selling (red) on Wednesday but Thursday’s session exceeded Wednesday’s high. That’s uncommon and usually indicates higher, at least in the ST. I wrote yesterday that ‘I am not initiating new longs, at least until a VA is printed above 4882. Price below that level and I would anticipate a test of 4811.’ […]