Technically, Thursday was a very positive session and Friday’s Value Area was generated entirely above the Support at the 4137 major Control. However, ES has not convincingly recovered the Resistance at 4159 and SPY has stalled at its equivalent level, see 2nd chart – watching for that. A Value Area above 4159 would be welcome […]

Thursday was a very positive day. Shortly after RTH Open there was a rejection of the minor Support at 4128.50 and ES rallied strongly. The Resistance at 4159 was tested for the third time and this time it yielded (now 1st Level Support). Significant Buying (green) was marked and on the daily timeframe the major […]

Resistance remains at 4159, the 1/2R off last years high (see yesterday’s comments on chart) – ES has stalled, after testing it again yesterday. Currently ES prints very close to the minor Support at 4128.50 but Wednesday’s Value Area was generated above that level – a VA below that price would be a sign of […]

Early in RTH on Tuesday, ES tested and held the minor Support at 4128.50, see chart. Price relative to that level is worth monitoring again today. Last week ES found Resistance at 4159. The 1/2R off an all-time-high, like this, can often be major chart Resistance and end a rally so Bulls need to see […]

Late in Monday’s RTH ES broke above the minor Resistance at 4128.50 and is holding above that level (now Support) in a strong position pre-RTH today. The important Support remains at the 4015 major Control and the Resistance is at 4159 (1/2R off last year’s high) which effectively rejected price last week. Time above 4159 […]

The Resistance at 4159 (1/2R off last year’s high) came into play last week with a rejection on Tuesday. Price printing time above that level would be a further positive but currently I’m wary of new longs until that happens. The minor Control moved to 4128.5 and price relative to that level is worth monitoring […]

After RTH open on Tuesday, ES briefly tested the Resistance at 4159 (1/2R off last year’s high) and was immediately rejected, see previous notes.The minor Control has migrated to 4133.5 from 4081.50 (which is no longer valid as Support). Price relative to 4133.50 is worth monitoring today. The important Support is at the 4015 major […]

Pre-RTH ES is printing above 4159 (1/2R off last year’s high) in a strong position. That is now First Level Support. A break of that level would indicate a test of the minor Control at 4081.50.

In Friday’s note, in reference to the v min. Control at 4081.50, I wrote.. If ES holds that level after 60 mins RTH, we may see a strong end to the week. That’s what happened, reinforcing the Bulls control of the dayframe – it will be interesting to see if they can generate a Value […]

Two Value Areas generated above 4015, the major Control and now important Support in LT. That’s a positive.ST: Today, price relative to 4081.5 (v min Control) is worth monitoring. If ES holds that level after 60 mins RTH may see strong end to the week.Resistance is at 4159 = 1/2R off last year’s high.