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.

In yesterday’s note I wrote that there was minor Resistance today at 4099, being tested pre-RTH. As it turned out that minor Control proved to be Support and ES rallied right off the RTH Open. The RTH Close was well above the previous two Selling Day Highs and therefore negates that Selling activity. The Resistance […]

Significant Selling (red) marked again on Wednesday. There is minor Resistance today at 4099, being tested pre-RTH. First Maj Support at 4015 – for now, I’m assuming that will be tested.