Re the 6022.50 Control; I wrote on 02/05 ‘Any sign of stress and ES could well return to that level‘. That’s what happened yesterday but ES found low at 6020.75 just before RTH open and bounced strongly. Yesterday I mentioned that ‘the minor (1mn) Control has migrated to 6088 and price relative to that level […]

ST: ES is currently generating daily Value Areas above the 6022.50 Control which is a positive indication. The minor (1mn) Control has migrated to 6088 and price relative to that level is worth monitoring. LT: See SPY weekly chart – trend remains up but momentum indicators, including the one shown and the RSI etc, are […]

Over the weekend, ES opened below the 6022.50 Control and rallied immediately, see second chart. As I wrote on 02/05, That’s usually a positive indication. Time printed below the Control would be a negative indication.

LT: I wrote yesterday that Any sign of stress and ES could well return to that level (6022.50) but time printed above 6022.50 is a positive indication. See chart. ST: The minor (1mn) Control has migrated to 6042 and that is a level worth monitoring. Significant Buying (green) was marked yesterday so the first mechanical […]

ES opened RTH on Tuesday just below the 6022.50 Control and then immediately rallied. That’s usually a positive indication but the Control was briefly tested again overnight (ES currently printing back above 6040). Any sign of stress and ES could well return to that level but time printed above 6022.50 is a positive indication.

ES is currently printing close to the 6022.50 Control. Market participants are waiting for the next catalyst that might drive price away from this level. In the short-term 6014 might attract time but as I wrote in yesterday’s note ‘time spent below 5948 would be a negative development‘.

As per last Monday, a sharply lower RTH Open has retraced all the gains made in the previous week. Further similarities: the former Control at 5948 was tested overnight (not shown on chart) and ES has rallied to print further time back at the current Control at 6022.50. Clearly time spent below 5948 would be […]

As per Wednesday’s note ‘ES is back in a strong position‘. Three consecutive Value Areas generated above 6055.50, the 1/2R off this month’s high (dashed line on chart) which is an indication of strength and Significant Buying (green) has been three times in the last eight days. There is 15-day Support at 6091 and more […]

ES found low at the 5948 Support overnight on Monday, see note 01/27. The 6022.50 Control was recovered and Tuesday’s Value Area was generated entirely above that level with Significant Buying (green) being marked. A quick, strong response to Monday’s sharply lower Open and ES is back in a strong position. First Level Support is […]