Last week the Resistance at 5320 was exceeded putting ES in a stronger position, see note 5th June. That level is now First Support and I’m targeting 5435/40 if it holds or quickly recovers a break. A RTH close below 5306.50 (Wed’s Buying Day Low) would be the first mechanical sign of weakness.

RTH on both Monday and Tuesday was printed entirely above the 5244 Control (now Support) which is a positive. Bulls want that Support to hold. Resistance at 5320 is yet to be exceeded but ES is testing that level pre-open. Time above 5320 would be another positive.

Support at 5207 was tested and rejected on Friday. Monday’s RTH was printed entirely above the 5244 Control (now Support) which was a positive. Bulls want that Support to hold. Resistance at 5320, yet to be exceeded. As per yesterday’s note: Buyers attempting to regain Control.

In Friday’s note I wrote that if time was spent below the LT Support at 5244 it would indicate a move to test next Support at 5207. ES tested that Support for about a minute, the immediately rallied strongly. Currently, ES prints above 5244 in a stronger position. There is Resistance at 5320. Buyers attempting […]

Wednesday RTH closed below 5286.75 (05/15 Buying Day Low) which is a mechanical sign of weakness, see note 05/17. Overnight ES has tested the LT Support at 5244, see note 05/29. Time below that level would indicate a move to test next Support at 5207.

Currently, ES is printing below the 5320 minor Control in a weaker position. In the longer timeframe, the Support is at 5244 and I’m targeting 5381 as long as that holds.

minor Control migrated slightly to 5320 = minor Support today. First Support in the longer timeframe is at 5244 – as per previous notes – I’m targeting 5381 if that holds.

minor Support at 5333.0 was broken early in Thursday’s session. ES closed RTH just above 05/15 Buying Day low, see note 05/17. First Support in the longer timeframe is at 5244 – I’m targeting 5381 if that holds.

If ES can hold the minor Support at 5333.0 I’ll be targeting 5381. First Support in the longer timeframe is at 5244.

The minor Control has migrated higher to 5333.0. ES is currently printing close to, but below, that level. ES above that level post RTH-open would be stronger in the ST – First Support in the longer timeframe is at 5244.