On Friday, ES opened RTH above the major Support at 4527 and then immediately declined below it. Friday’s price action was poor which means a more defensive stance is appropriate until ES prints back above that level or the Control migrates lower.

Now following ES Dec – chart adjusted since Monday. On the Sep contract the minor Support at 4457 was tested and held on Wednesday which was a positive. On the Dec contact the major Support is at 4527 and currently ES is printing above that level in a stronger position. Significant Buying (green) was marked […]

The minor Support at 4457 given yesterday was very briefly tested on Wednesday, see note on chart. That’s a positive. Currently ES is printing above the 4490 Resistance – if that level can hold as Support post-RTH-Open that would be a further positive.

The 4mn Control migrated back to 4490.00. This is Resistance. I’d want to see that level recovered before considering new longs. ST: There is minor Support today at 4457. A break of that would indicate lower in the short-term and a test of 4410.

from Thursday’s note: ES is currently printing below 4490.50 (1/2R off July high) in a weaker position and I’d want to see that level recovered before considering new longs. The 4mn Control migrated to 4514.00 last week. This is Resistance.ST: Time at 4490 or close would make most sense to me. ES is printing just […]

from Thursday’s note: ES is currently printing below 4490.50 (1/2R off July high) in a weaker position and I’d want to see that level recovered before considering new longs. Today: There is minor Resistance at 4457.50 – where are we relative to that level post-open? A rejected test of 4430 would be a positive.

There was rejection from the 4537 Value Area High last week (see Friday’s note on chart).ES is currently printing below 4490.50 (1/2R off July high) in a weaker position and I’d want to see that level recovered before considering new longs. The 4mn Control migrated to 4514.00 on Tuesday (from 4411.50). This is now Resistance.

ES still struggling with the 4537 Value Area High, see Friday’s note on chart. Natural Support at 4490.50 = 1/2R off July high.

In the 07/17 note (highlighted on chart) I wrote: “In the longer time-frame ES is probing above the Value Area High at 4537, see daily chart, so we need to watch for rejection. However, as mentioned many times before, acceptance at VAH often indicates a new distribution (in this case up) has begun and higher […]

The 4mn Control migrated to 4411.50 last week. The Control is likely to move back to 4490 imo which would require time. Whether that happens before or after ES reaches 4680 is ? but 4680 is the current upside target if ES holds 4411.50.