the Control at 5101 was tested on Monday and held as Support, see yesterday’s note. Price printing time below that level would indicate further ST weakness. Following inflation data ES is printing above 5150, pre-RTH. Today, there is minor Support at 5134.50.

The 5178 target was briefly exceeded on Friday but the day finished lower and today pre-RTH the Control at 5101 has almost been tested, see Friday’s note. There is potentially Support at the Control but price printing time below that level would indicate further ST weakness.

pre-RTH today ES has printed as high as 5178.75. The target mentioned 02/29 was 5178. If ES holds around that level or higher – that would be bullish, a quick rejection from that target level and a test of the Control at 5101 could be a possibility.

re the minor Control at 5101, I wrote last Thursday and again on Monday, ‘if ES can subsequently hold that level as Support then I would be targeting 5178‘. That hasn’t happened but ES is printing above that level pre-RTH today. Price behaviour so far this week is more like waiting mode – jobs data […]

As expected the minor Control migrated back to 5101 and that was the RTH low on Friday. As I wrote on Thursday ‘if ES can subsequently hold that level as Support then I would be targeting 5178‘.

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 […]