posted 9.28 a.m. est Pre-open comment Wednesday 13th July Tuesday’s day session was supported by the 1/2R off May high at 1310 but there was certainly no obvious Response from the Buyers at that level.  If ES breaks that 1/2R and prints time below it I will expect further weakness.  Other key levels are SPY=131.68; […]

posted 9.28 a.m. est Pre-open comment Tuesday 12th July Chart broke convincingly below the maj poc at 1327 which supported nearly all price action last week – I take that as a negative development.  With price where it is currently, 1327 is now a level of resistance that ES must overcome before I can look […]

posted 9.20 a.m. est Pre-open comment Monday 11th July The Chartprofit Market Timing System remained neutral for Nyse and Nasdaq Market Charts. At the start of last week I wrote ref the 1327 poc “Whether ES can hold above this level is the most important factor to monitor this coming week” .. and that remains […]

posted 9.27 a.m. edt Pre-open comment Friday 8th July Thursday gapped higher and for the first time exceeded the LT VAH, as did SPY.  As noted pre-open Wednesday “VAH measured over various timeframes comes in at 1339 and with the market technically overbought ES may (at least) stall here.”  We would need good evidence before […]

posted 9.22 a.m. edt Pre-open comment Thursday 7th July Wednesday generated another Value Area entirely above the 1327 maj poc.  Responsive and Aggressive Buying was marked. Support was found at the maj poc at 1327 – see previous comments (highlighted). 1st Level S/R = 1327 (maj poc)  (132.18 SPY) 2nd Level Support =  1310 (1/2R […]

posted 9.28 a.m. edt Pre-open comment Wednesday 6th July ES generated a very narrow Value Area on Tuesday on low volume but the entire VA was above the 1327 maj poc which is the major level of Support (and possible Resistance).  As noted, the VAH measured over various timeframes comes in at 1339 and with […]

posted 9.05 a.m. edt Pre-open comment Tuesday 5th July Three weeks ago sentiment readings reached extreme bearish levels, i.e. contrarian Bullish (see previous comments highlighted) but for the following two weeks the market didn’t want to rally.    However, on Monday last week an attempt to break below the 1265.50 poc was rejected “for the third […]

posted 9.26 a.m. est Pre-open comment Friday 1st July The 1/2R Resistance at 1310 was exceeded early in the session and ES generated another higher Value Area and strong close.  Note that today is one year from July low 2010 and 60days from market high in May. Dayframe: Key Charts to watch SPY – high […]

posted 9.21 a.m. edt Pre-open comment Thursday 30th June This week has been dominated by the Buyers – I’ve marked Significant Buying four times and the Value Areas have all been higher.  Dayframe: Following three consecutive days of Aggressive Buying the market usually pauses and with hourly oscillators well overbought, the 1/2R Resistance at 1310 […]

posted 9.23 a.m. edt Pre-open comment Wednesday 29th June On Tuesday ES opened just below the 1280.50 poc and immediately rallied above it – very similar to the price action when Monday opened below the 1265.50 poc.  Yesterday’s Value Area was printed entirely above 1280.50 – see Monday’s comments.  Aggressive Buyers were marked again later […]