pre-RTH on Friday I wrote.. ‘there is potential Support at 5244 (a Control of a previous Major distribution)‘ and.. ‘time below that level would indicate further weakness‘. Friday’s Value Area was generated entirely below that level. ES has fallen sharply again overnight.I would want to see signs of Effective Buying (green) before even considering the […]

There is potential Support at 5244 (a Control of a previous Major distribution). That has been tested and for now ES has bounced back a little. Time below that level would indicate further weakness. I would want to see signs of Effective Buying (green) before even considering the long side.

See Tuesday’s note, highlighted on chart. As previously noted, the major Control fell on Monday to 5635 and currently ES prints below that level – a weak position. imo a Value Area generated entirely above 5670 would be the first sign of strength.

See yesterday’s note, highlighted on chart. During Tuesday’s session ES found Support in the area of the Control at 5635 (arrowed) and today’s session opened below that level and immediately recovered it. On an ‘normal’ day (if there is such a thing) that would be ST bullish price action and I’d be looking for a […]

Development: The Control migrated lower to 5635 (from 5754). Now important to monitor price relative to that level. Below is a weak position.ST: Price printing time above 5670 would be first sign of strength in the ST.

I wrote 03/27 that the Control at 5754 “may attract (more) time, but either way time printed below that level would not be a positive“. Friday’s Value Area was printed entirely below that level. For that reason I am cautious here but also; Significant Selling (red) was marked twice last week AND my Weekly Trend […]

I wrote yesterday that 5754 “may attract time, but either way time printed below that level would not be a positive“. That’s where ES spent most time during Thursday’s RTH and that level may continue to attract time but below it is a weak position. There is minor Support at 5672.

I wrote 03/25 – on some timeframes, the Major Control has migrated to 5754. That is same now on all timeframes after yesterday’s price action. Wednesday’s RTH opened just above 5819 (see yday’s note) and immediately declined, back to the Control at 5754. That indicates market participants are nervous ahead of an event and ES […]

Two Value Areas generated above the 5754 Support. That’s a positive. Bulls would want that level to hold, or for ES to quickly recover a test. Resistance is at 5900, see note 03/25. ST: There’s a v minor Control at 5819. Price relative to that level today is worth monitoring.