On Friday the Major Support at 4136 was briefly tested and ES has bounced. Monday’s RTH closed above Friday’s Selling Day high = a positive. On Tusday, Significant Buying (green) was marked = another positive. In the ST Bulls have Control; this is negated with a RTH close below 4171.75, yesterday’s Buying Day Low.

On Friday the Major Support at 4136 was briefly tested. ES rallied during Monday’s RTH, approaching 4200. The natural Support, 1/2R off Friday’s low, is at 4161. In the ST Bulls would want that level to hold. In the LT Bulls would want 4136 to hold.

On Friday the Major Support at 4136 was briefly tested (see note 10/26 highlighted on chart). 30 minutes into RTH today and ES has printed above 4180. As I wrote in that note “long-term Bulls would want ES to hold that important Support“.

Thursday’s low was 4146.25. Long-term Bulls would want ES to hold the Major Support at 4136 (see note 10/26). Time below that level would put ES in a LT weak position. First v minor Resistance is at 4182 so time above that level would be first indication of strength on the minor timeframe.

The recovery off Monday’s low was “a bit slow” (see note 10/25). Second clue that a low wasn’t in was the time below 4253 (see note 10/25) at the start of Wednesday’s RTH, in fact that was the high of the session. ES printed as low as 4171 overnight. The Major Control (months) is at […]

As mentioned at the start of the week, Bulls would want to see the 4368.5 Control recovered quickly…but ES is being a bit slow rallying off Monday’s low. Hopefully it picks up the pace. The v min Support has moved slightly higher to 4253 (1/2R off Monday’s low) and “if” ES is putting in a […]

From Monday’s pre-RTH “If ES is going to find a low hereabouts it should rally quickly back to the Control at 4368.5. Time spent 4210/15 would not fit that scenario.” Monday’s price action was encouraging. Early in the session the 4210/15 area was tested and immediately rejected with ES rallying quite strongly. As mentioned Bulls […]

Significant Selling has been marked for four consecutive days. Trend is certainly down but that pattern is extremely rare and “may” mark capitulation, at least of some degree. At the start of the month I thought 4210 would be tested if ES printed time below 4319 (see previous notes on chart) and that remains an […]

ES is currently printing below the 4368.5 minor Control. This is a weak position, see note 10/16 on chart. I would want to see time printed back above that level before considering new longs.

As per yesterday’s note, it is important to monitor price relative to the minor Control at 4368.5. Monday’s VA was generated above that level, that’s a positive start to the week, but more importantly – a break below the Control would put ES back in a weak position.