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 […]

In the shorter timeframe there has been negative development – the 4wk Control has moved to 5024.50. ES is currently printing below that level and is therefore in a weak postion in the ST. First Level Support is 4972.0. A RTH close below 5013.75 (Thursday’s Buying Day Low) would be a negative. There is more […]

ES has begun ‘acting right’ again for the Bulls, see highlighted Support levels and previous comments. ST Support remains at 5013.0 and ES is in a strong position above that. Pre-open, there was quite a sharp decline but if 5044.5 can be recovered we could see a strong end to the week.

In yesterday’s note I wrote ‘I’m looking for a continuing response from Buyers today before considering new longs – ES holding above 4972.0 (now minor Control) would be a start.’ That level was almost the exact low of the session and Buyers responded immediately, see chart. That’s a positive and Significant Buying (green) was marked […]

Yesterday’s sell-off saw a brief dip below 4940 late in the session followed by an overnight recovery that has tested 5000. The RTH close was well below 5016.25, Friday’s Buying Day Low (dashed line on chart) which was a mechanical indication of weakness. Following that, I’m looking for a continuing response from Buyers today before […]

ES sold off today following hotter-than-expected CPI data. A RTH close below Friday’s Buying Day Low at 5016.25 (dashed line on chart) would be the first mechanical indication of weakness and the First Level Support is the minor Control at 4966.5.

I wrote on Thursday that I wanted ‘to see if ES can print time up here after reaching 5018 target‘. Friday confirmed that, and Significant Buying (green) was marked, so further strength is indicated. The first indication of weakness would be a RTH close below 5016.25, Friday’s Buying Day Low.

5018 reached. As long as ES holds 4966.50 minor Control it’s in a strong position. I want to see if ES can print time up here after reaching 5018 target.

ES printing around 4990 pre-open. I’m targeting 5018. First Level Support is at 4966.50.

The minor Control has moved higher to 4966.5. Price above that level is in a strong position. Last week’s price action was unusual. There was Significant Buying (green) marked on Monday which was negated (RTH close below the low of that day) by Wednesday’s Significant Selling day (red), which in turn was negated by Friday’s […]