We are now following the June contract. Chart reflects that. I wrote on 19th that “it is possible that ES is ready to make its next directional move“. If the analysis is correct about that then that directional move looks to be up. Note that when that data is sampled on some timeframes, the Major […]

Yesterday’s Value Area was very tight. This often occurs as a distribution is completing so it is possible that ES is ready to make its next directional move. Bearing that in mind, I also note that the minor Control shifted slightly to 5620 – imo it is now essential to monitor price relative to that […]

Monday’s Value Area was generated entirely above 5614, the 1mn Control. That’s the first sign of strength in the ST.LT: The major Control remains at 6022.50, see highlighted note 03/12 on chart.

Development: The 1mn Control migrated lower to 5614. ST: Time printed above that level would now be the first sign of minor strength but time below it at the start of the week would likely indicate a re-test of last week’s low. LT: The major Control remains at 6022.50, see highlighted note 03/12 on chart.

As mentioned in yesterday’s note, ES had failed at the 5604 Resistance pre-RTH but had recovered to test that level again as I wrote. As it turned out, ES quickly failed again at that Resistance (dashed line on chart) and subsequently declined to approach the 5505 target indicated in note 03/11. ST: First sign of […]

Pre-RTH, ES failed at the 5604 Resistance mentioned on Tuesday. Within the last hour ES has dipped and recovered to test that level again. Will be interesting to see if time can be printed above it.

In yesterday’s note, I anticipated a dip to test 5505 and the decline hasn’t reached that. A slump after RTH Open today below 5600 would bring that back into play.The technicals are telling us that the market is oversold and a bounce is due; the 14-day RSI for the SPY ETF fell to 28.3, the […]

New longs are still eliminated for me below 6022.50 (see previous notes) – the Control migrating lower might change that.ST: First sign of strength would be ES holding above 5604 (1/2R off yesterday’s low). If ES prints below that level, a further dip to test 5505 is indicated, with that test possibly being rejected. If […]

ES just tested 5630 – “seems likely” from post earlier today. Rejection here could set up a rally but time printed around this level (acceptance) would be a further negative imo.

The minor Control migrated lower to 5763. Worth monitoring as possible Resistance today. New longs are still eliminated for me below 6022.50 (see previous notes) – the Control migrating lower might change that. ST: unless ES can recover 5732 early, a dip to test 5630 seems likely with that test possibly being rejected. If that […]