Positive price action since 11/21 see highlighted notes on chart. First Support moved higher to 6006, see note 11/27, ES then found Support at that level. First Support then moved higher again to 6022 which was tested and rejected on Friday, see chart.

The minor Control has moved higher to 6006 (from 5918) – this is now First Support. Yesterday was a Buying Day (green) – The first mechanical sign of weakness would be a RTH close below 6011.25, yesterday’s Buying Day (green) low.

Price action improved on Thursday following an early, rejected test of the Support at 5918, see note 11/21. First Support is now 5954, the 1/2R off this month’s high. I assume Bulls have resumed control unless that Support is broken.

In Thursday’s RTH there was an early, rejected test of the Support at 5918, see yesterday’s note. I wrote Price relative to 5918 (currently Support) is important to monitor. As it is today – but Thursday’s Value Area was generated entirely above that level which is a positive in the ST.

Development: The minor (3wk) Control migrated to 5918. This level may attract more time. Price relative to 5918 (currently Support) is important to monitor.

Friday’s low was briefly tested at Tuesday’s RTH open and ES rallied immediately. The 1/2R Resistance from last week’s high at 5944.25 has been tested today but not exceeded. That’s the first challenge for Bulls in the ST. Time above that level would be a positive but we’ll see.

Unconvincing response from Buyers since Friday’s low. Today, price relative to 5905 is worth monitoring. ES printing time below that level early in today’s session would increase the odds that Friday’s low gets broken and we see 5771.50 tested, see yesterday’s note.

Significant Selling was noted last week. 1) Thursday RTH closed below 5976 (most recent Buying Day Low (11/07). That’s a mechanical sign of weakness.2) Significant Selling was marked (red) on Thursday.3) Friday was a weak day.Having said that, the net result was only a 50% retracement of previous week’s rally, so not convinced Sellers are […]

Mechanically, the first sign of LT weakness would come with a RTH close below 5976 (Thursday’s Buying Day Low). Today, there is a ST (9day) Control at 6024 – price relative to that level is worth monitoring. Rejection still a possibility here, see Friday’s note, highlighted on chart.

From Friday’s note ‘If ES struggles to maintain momentum above that level (6015) it wouldn’t be a surprise but trend is clearly up‘. ES is currently holding above 6015.Mechanically, the first sign of weakness would come with a RTH close below 5976 (Thursday’s Buying Day Low).