A sharp sell-off today (low 5948) has retraced all last week’s gains. I wrote 16th January ‘If Bulls are reclaiming control, 5948 will act as Support if tested‘. On 01/20, the 6mn Control migrated higher to 6022.50, but the previous Control has provided Support so far today (this sometimes happens). More time at 5948 and […]

I wrote yesterday “there is a minor Control at 6113. Worth monitoring in the ST“. Thursday’s RTH opened just above that level, formed an intra-day base on that price and then rallied, see chart. Significant Buying (green) was marked and now the first mechanical sign of weakness would be a RTH close below 6111.25 (dashed […]

Positive price action off last week’s low.01/15. The 6mn Control was recovered, see note 16th Jan.01/17. Value Area generated above 1/2R off Dec high, see note 17th Jan.01/20. The major Control migrated back to 6022.50, see note 21st Jan.01/21. VA generated about the Control & Effective Buying marked, see note 22nd Jan.First mechanical sign of […]

As noted yesterday ‘the major Control migrated back to 6022.50‘. Tuesday’s Value Area was generated entirely above that level which is a further positive. Effective Buying (green) was marked – first mechanical sign of weakness would now be a RTH close below 6043.50 (dashed), yesterday’s Buying Day Low.

On Friday I wrote “If Bulls have regained control then 5994 will act as Support if tested”. After RTH yesterday there was a sharp sell-off – the low came in 5994.50 and ES has recovered strongly. Also, the major Control has migrated back to 6022.50 (from 5948). Price printing time back below 6022.50 would now […]

Two consecutive Value Areas have been generated entirely above 5948 (6mn Control). This is a sign of strength. If today’s VA is generated above 5994 (1/2R off Dec high) that would be a further positive. If Bulls have regained Control then 5994 will act as Support if tested (equiv. = 592 SPY).

The 3mn Control (now 6mn) migrated lower to 5948 on 9th Jan. Yesterday’s Value Area was generated entirely above that level which is a stronger position. If Bulls are reclaiming control, 5948 will act as Support if tested.

See previous notes on chart. Major Support is at 5635. Today: ES will open RTH above 5862.0 which is v. minor Support. Time back below that level would indicate a retest of yesterday’s low, 5809.

I wrote on 9th Jan that ‘Time below 5948 could precede a test below 5860’, see previous notes on chart. At the start of this week ES is in a weak position and as I wrote on Friday, I’m not considering new longs unless that level is recovered. Next major Support is at 5635.

I wrote yesterday‘ST Control moved slightly lower to 5948. Time below that level could precede a test below 5860′. Next?There’s been development: The 3mn Control migrated lower to 5948 (from 6022.50). Bulls would want to see this level recovered asap. I’m not considering new longs here unless that happens.