I’m revising the level given in yesterday’s note (which was based on 30min chart). 4477 represents the long-term Value Area High on the daily chart and ES has probed this level, see the upper dashed line on chart. Rejection here would be an interesting development. Acceptance of price here would be another longer-term positive.

Since the rejected test of the major 4137 Support on 05/24, ES has rallied strongly, see chart. Significant Selling (red) has not been marked since 05/23. Price relative to 4415 is worth monitoring today.

Strong end to the week, last week – see Friday’s note. Going forward we are following the Sep contract and levels given below are for ES Sep. Note that prices on main chart (Jun) do not reflect those on the daily chart (Sep). Main chart will be adjusted tomorrow. ES is in a strong position […]

Thursday RTH: 4277 rejected early (see yday’s note) and Value Area generated above that level. Minor Control moved to 4290.50 – I’m monitoring that Support today. If ES holds that level early RTH we could see strong end to the week.

LT: see yday’s note highlighted on chart. ST: price relative to 4277 worth monitoring today.

w/e 05/26 there was a rejected test of the major Control (Support) at 4137. Higher low last week that bottomed above 4159 (1/2R Support off last year’s high). In longer timeframe this is positive price action, see note 05/22 on chart. Major Support at 4137.

w/e 05/26 there was a rejected test of the major Control (Support) at 4137. This was followed by a higher low last week that bottomed above 4159, the 1/2R Support off last year’s high. In the longer timeframe this is positive price action, see note 05/22, with major Support at 4137.

On Thursday the minor Resistance at 4202.0 was exceeded and Significant Buying (green) was marked. Pre-RTH today ES had printed above 4250. LT: Bulls would want to see ES hold the 4137 major Control (Support).

Resistance on Wed was 4205, see yday’s note, and RTH high 4204.5. Minor Resistance today is 4202.0.LT: bulls would want to see ES hold the 4137 major Control (Support).

The 4137 major Control (Support) could come back into play if stress increases, see note 05/03, but there is higher Support at 4159 (1/2R).Today: 4205 minor Resistance (could become Support).