Short Term – ES opened RTH Friday above the minor Control at 4151 and immediately sold off back below it, see Friday’s note. 4151 is in play again today – price relative to that level is worth monitoring. In the LT, ES keeps being drawn back to the major Control at 4137 with the range […]

ES continues to hug the 4137 Control but my hunch is we’ll see the next directional move begin soon. Clue as to which direction could be SPY relative to 414, see chart. In the ST if ES can hold the min Control at 4151 post RTH open we could see a strong end to the […]

Yesterday’s note said ‘Tuesday’s session was spent hugging the Control at 4137.. Today’s CPI data may bring an end to that.’ No. Two probes above the 4159 Resistance and ES printed 4137 as I write just before RTH open. Market at Value and waiting for a catalyst to drive it away – obviously CPI wasn’t […]

Tuesday’s session was spent hugging the Control at 4137, see yesterday’s note. Today’s CPI data may bring an end to that. Reference levels are price relative to 4137 and the Resistance at 4159.

Monday’s price action was contained within the important levels of Support (4137) and Resistance (4159) as highlighted in yesterday’s note. ES could stay quiet today ahead of tomorrow’s CPI data and is currently printing close to the 4137 Control.

Important levels at the start of the week are the Support at the 4137 Control and the 4159 1/2R Resistance (equivalent level for SPY is 414).

LT Bulls need to see ES back above the 4137 Control. ST: The v. minor Control fell to 4091.5. ST Longs avoided by me until that level recovered.

see yesterday’s note highlighted on chart. LT: Bulls need to see ES back above the 4137 Control. Relatively weak position currently. ST: The v. minor Control is at 4112.5 – price above that and 4142 should be tested.

When there is stress or nerves ahead of an event/announcement the market often scurries back to the Control. I’ve mentioned this many times. That’s what happened yesterday, see chart. Price relative to 4137 post the rate decision is my focus.

From Friday’s note – ES is back in a strong position that would be stronger if 4159 could be recovered. That 1/2R Resistance has been recovered and is now Support, as is SPY 414, it’s equivalent level. SPY holding 414 would be the next positive for the Bulls.