ST: The S/R level to monitor is still 5825. A Value Area printed above that level would be first minor sign of strength.New longs are still eliminated for me below 6022.50 (see previous notes) – the Control migrating lower might change that.

From yesterday’s note – ‘ES has not yet begun to respond positively to the S/R levels; actually the opposite‘. Again, in Tuesday’s RTH, ES failed at 5870 (arrowed on chat), the v. minor reference level given in yesterday’s note. ST: Today, the S/R level to monitor is 5825.

From yesterday’s note – ‘10day Support at 5973, worth monitoring today‘. ES broke that Support immediately after RTH Open and then found Resistance there intraday, see arrow on chart. A sharp decline followed. ES has not yet begun to respond positively to the S/R levels; actually the opposite. ST: First sign of strength would be […]

Resistance at the 6022.50 Control still valid. New longs eliminated for me below that level – the Control migrating lower might change that.ST: 10day Support at 5973, worth monitoring today.

Highlighted notes on chart track the recent developing weakness. Currently, ES is in a weak position below the 6022.50 Control. F or now, new longs are eliminated for me below that level – the Control migrating lower might change that.

Two Value Areas generated below the 6022.50 Control. Weak position. Note the Support at the Control on 02/12 (arrowed on chart) – and the Resistance yesterday. Referring back to note on 4th February ‘Market participants are waiting for the next catalyst that might drive price away from this level‘. Still waiting, but if ES prints […]

ESH5 – Tuesday’s RTH generated a Value Area entirely below the 6022.50 Control. Weak position. A v minor (5day) Control has emerged at 5998 and price relative to this level is important to monitor today. NQH5 – First level Support at 21229 was broken and I wrote that this ‘would confirm the current weak position […]

A look at the E-mini Nasdaq-100 (NQH5) is helpful. First level Support is at 21229 and this has not been broken since this month’s high was printed. A convincing break below that level would confirm the current weak position seen in the E-mini S&P 500 (i.e. printing below 2022.50). Alternatively, a more bullish indication would […]

90 minutes after RTH open – ES has retreated back to the 6022.50 Control and is currently printing below that level in a weak position. 6022.50 has been briefly tested twice in the past two weeks and ES has rebounded immediately – today may be different and I will be cautious if Buyers don’t step […]

An uneventful week so far, in terms of price action. On Wednesday there was a rejected test above 6165, see highlighted comment on chart. First mechanical sign of weakness is an RTH close below 6129.25 (Wednesday’s Buying Day Low). ES has currently just broken below 6100. 1mn Support at 6088.0. More important Support at 6022.50.