The major Support at 4137 was broken on Tuesday and a sharp decline occurred in yesterday’s session. Although ES had generated two Value Areas above the 4159 1/2R Resistance in the early part of last week, SPY had not been able to recover its equivalent level and that was the clue, see note 04/20.

The major Support at 4137 was tested on Thu and Fri and pre-RTH today it has been tested again but Value Areas have been generated above that level so I say the Support has held so far. The other level we are monitoring is 4159 and that Resistance was in play on Friday and again […]

The major Support at 4137 was tested again on Friday but ES made a quick recovery, see Friday’s note. Seven Value Areas have now been generated above 4137 and a break of that level could indicate a change in the minor trend but so far – so good. The other level we are monitoring is […]

ES major Support is at 4137 and that was the exact low yesterday. There has now been five Value Areas above the Support which is a positive and bulls would want to see that hold or a quick recovery on a test.

SPY has stalled at the 414.0, 1/2R Resistance – worth monitoring. ES has generated four Value Areas above the 4137 major Support which is a positive but bulls would want to see that level hold.

SPY has stalled at the 414.0, 1/2R Resistance – worth monitoring. ES has generated three Value Areas above the 4137 major Support and bulls would want to see that hold.

SPY high on Monday was at the 414.0 1/2R Resistance so we will see today if SPY can breach that level. ES has generated two Value Areas above the 4137 major Support but a Value Area above the 4159 1/2R would be another positive.

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 […]