I wrote yesterday that ‘There is 1month Resistance at 6465.5‘. Wednesday’s RTH high was just below that point.Development: Overnight enough time has been printed at 6465.5 to lift the Major Control to that level (from 6414). Price relative to 6465.5 is now important to monitor but time above that would have me targeting 6555 in […]

ES tested the 6414 Major Control on Tuesday but recovered it. The fact that Buyers saw opportunity below that level is encouraging. Bulls would want to see that Control hold now. There is 1month Resistance at 6465.5 but time above that would have me targeting 6555 in the ST.

From Friday’s note ‘on Thursday, Significant Buying (green) was marked and mechanically, the first sign of weakness would now be a RTH close below 6480.75, Thursday’s RTH low‘. Friday’s RTH actually closed below that level (trapped Buyers) and triggered that indication of weakness (it is rare that a Buying Day will fail immediately the next […]

On Wednesday I wrote ‘The ST (1mn) Control migrated higher to 6465.5 & worth monitoring today, Support?‘ Overnight on Thursday ES declined to briefly (2minutes) test that Support and then rallied. That was a further sign of strength. Thursday’s price action actually lifted the ST (1mn) Control to 6479 and that level is worth monitoring […]

I wrote 08/21 ‘First mechanical indication of strength would now be a RTH close above 6476.25‘ which was the Selling Day high on 08/19 (dashed line on chart). That happened yesterday. Development: The LT (5mn) Control migrated to 6414.0. The ST (1mn) Control migrated higher to 6465.5 & worth monitoring today, Support? – time below […]

First mechanical indication of strength would now be a RTH close above 6476.25, Tuesday’s Selling Day high (dashed line on chart).ES found low yesterday close to last week’s ST Support at 6365, see chart. More important Support at 6303. Price around 6407 could attract time.

I wrote on Monday ‘during Friday’s session the 10-day Control migrated to 6478 and price relative to that level is now important to watch at the start of this week. Time below 6478 would indicate a test of the 2-month Support at 6404.5‘. That played out and ES has printed as low as 6409 overnight […]

As I wrote on Friday ‘No indications of weakness yet.. and bias currently is higher‘ but during Friday’s session the 10-day Control migrated to 6478 (from 6485) and price relative to that level is now important to watch at the start of this week. Time below 6478 would indicate a test of the 2-month Support […]

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 […]