In yesterday’s note I wrote – In the ST, if ES cannot rally back above 4778 then a test of the minor VAL at 4743 (dashed on chart) would be likely. That level was tested in Wednesday’s RTH and again pre-open today. Currently ES has not printed much below that level. I suspect that ES […]

ES is currently printing below 4778.0 (1mn Control), see yesterday’s note on chart. In the ST, if ES cannot rally back above that level then a test of the minor VAL at 4743 (dashed on chart) would be likely.

Nothing yet to weaken the LT bullish view. First sign of weakness in the ST would be time below 4778.0 (1mn Control). Below that, the minor VAL is at 4743 (dashed on chart).

First sign of weakness in the LT is a RTH close below 4650.5, the Buying Day Low on 12/13. Today, price relative to 4774.5 (v. min Control) is worth monitoring – above/strong.

Still seeing nothing to weaken the bullish view. No Significant Selling (red) marked since 10/27, and on that day there was a rejected test of the major Support at 4136. As I wrote on 10/26: The Major Control (months) is at 4136 and long-term Bulls would want ES to hold that important Support. Since then, […]

My post on 11/21 included a weekly chart with a major VAH level shown at 4527 – I wrote the following ‘Rejection is common at a VAH but time (acceptance) at or around this level would be a further bullish indication‘.In the longer time-frame there has been time at/above this level without rejection, see daily […]

The 4570 (min Control) was recovered quickly on Thursday, see Thursday’s pre-RTH note. Both Thursday’s and Friday’s Value Areas were generated above that level. This recovery may see the break higher we have been looking for – unlike 12/01. Support at 4570.

Wednesday’s RTH closed below Friday’s Buying Day Low which puts the ST bull case in doubt, see Monday’s note. also from that note: time below 4524 (7mn Control) would be unexpected and weaken the Bullish scenario. Bulls would want to see 4570 (min Control) recovered quickly – that level being Resistance currently.

Technically, last week finished positively and although there has been a slight retracement at the start of this week with ES continuing to “like” 4570 (see previous notes) there has been no clear sign of weakness.

In Friday’s note I wrote I was looking for a Value Area above 4570 to signal the next leg higher. That’s what we saw on Friday, see chart. A RTH close below 4562.5 (Friday’s Buying Day low) would put this in doubt and imo time below 4524 (7mn Control) would be unexpected and weaken the […]