Early in Friday’s RTH there was a rejected probe of First Resistance at 5523, see Friday’s note. ES declined quickly from there to test 5420, the First Significant Support, see Thursday’s note. There has been a bounce above 5460 overnight. I need to see 5523 recovered before considering new longs.

ES probed First Resistance at RTH Open. Immediately rejected. as I wrote yesterday ‘Price action this week has not been great‘. I want to see 5523 recovered (at a minimum) before looking at new longs.

The minor Control at 5523 is First Resistance today. ES is in a weak position if it prints below that level, see yesterday’s note. Time above 5523 would be first minor sign of strength.

Price action this week has not been great.Tuesday’s RTH closed below 5573.5 which I wrote on 08/20 ‘would be a mechanical indication of weakness‘ and Significant Selling (red) was marked.Today, price relative to the v. minor Control at 5523 is worth monitoring. First significant Support is 1/2R (dashed line) off the July high at 5420.

The 2mn Control migrated higher to 5635 on 26th Aug, see note 08/27. ES continued to find that price attractive until yesterday when a Value Area was generated entirely below that level. Significant Selling (red) was marked. First significant Support is 1/2R (dashed line) off the July high at 5420.

ES is finding price around 5631 attractive, overnight and pre-RTH. That may continue for a while and price relative to that level is worth monitoring in the ST. Note: Previously I’ve mentioned minor Support at 5458 – this level is no longer relevant. 5790 is still being targeted if ES can print above 5635.

Pre-RTH today, ES has briefly probed the 2mn Control at 5635, see note 08/27. Price printing time above this Resistance would be a stronger position.

The 2mn Control has moved to 5635. Price relative to this this level is worth monitoring in the ST. In the longer-term as long as the Support at 5458 is held I’m targeting 5790, see note 19th August.

Potentially a volatile day. There is now a minor (10day) Control at 5624 – price relative to that level may be worth monitoring intra-day. In the longer-term as long as the Support at 5458 is held I’m targeting 5790.