from Thu note: ‘5101, I expect the minor Control will migrate back to that level today‘. Not yet; but pre-RTH today that is where ES is printing, so it’s likely. If that level subsequently holds as Support then I would be targeting 5178.

earlier in the week the minor Control migrated to 5077.50. More time was spent there on Wednesday with market awaiting the inflation data. Post the data release ES rallied and 30 minutes into the session is printing back at 5101 – I expect the minor Control will migrate back to that level today. If ES […]

from Monday’s note: ‘there is minor Support at 5098.0. Price relative to that level post-RTH-open would be worth monitoring‘. Early in Monday’s session ES declined below that Support, see chart. The minor Control has migrated to 5077.50 and that is the level to monitor today. Pre-RTH ES prints very close. Should ES find Support there […]

First Level LT Support is the 4wk Control at 5024.50. Intraday – there is minor Support at 5098.0. Price relative to that level post-RTH-open would be worth monitoring.

ES held the 4972.0 First Level Support on both Tue & Wed (both Value Areas were generated above that level). From there ES rallied strongly. First Level Support today is the 4wk Control at 5024.50, see Tues’ note. Intraday – if ES can hold min Support at 5101.0 we could see a strong end to […]

In the shorter timeframe there has been negative development – the 4wk Control has moved to 5024.50. ES is currently printing below that level and is therefore in a weak postion in the ST. First Level Support is 4972.0. A RTH close below 5013.75 (Thursday’s Buying Day Low) would be a negative. There is more […]

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.