The minor Control has migrated to 4319. Price relative to that level at the start of this week is important to monitor. ES has opened RTH just below that level – Bulls would want to see a rejection and rally – then time around 4390 which I’ve mentioned before. Price below 4319 is a weak […]

There’s not enough evidence to indicate a low has been found but holding 4357 (v. minor Control) today would be a start. Time just above 4390 would also be a positive.

from note 09/18 “a more defensive stance is appropriate“, and 09/21 “Time at 4420 or lower would be a further negative“. Strong Support is much lower and no evidence yet that ES might be finding a low here.

from note a week ago “a more defensive stance is appropriate”, and on Thursday “Time at 4420 or lower would be a further negative”. Strong Support is much lower, I’m staying cautious unless ES recovers 4420.

Not seeing much to add to previous notes. Monday “a more defensive stance is appropriate“. Thursday “Time at 4420 or lower would be a further negative“.

ES has now tested the 4mn VAL at 4420. On the daily timeframe Bulls would want to see rejection of that test and ES to rally back. Time at 4420 or lower would be a further negative.

Mon-Wed Value Areas generated below the 4527 Control. ES may not move too far from that level until Fed meeting concludes. Either way, time above 4527 would be a stronger position.

Mon/Tue Value Areas generated below the 4527 Control. ES may not move too far from that level until Fed meeting concludes. Either way, time above 4527 would be a stronger position.

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 […]