I wrote yesterday that price relative to the minor Control at 4026 was worth monitoring at the start of the week. On Monday, ES was rejected from that Resistance twice, see chart. I also wrote that time above 4026 would be an indication of strength. In the LT, Support is 3964.

On Thursday the major Control migrated to 3964. ES finished the week above that level which is a positive. Pre-RTH ES is printing close to the minor Control at 4026. Price relative to that level is worth monitoring at the start of the week – time above 4026 would be an indication of strength.

Development: The major Control moved to 3964 (from 3907) on Thursday. I think ES may dip lower to print more time at 3907 and bring the Control back to that level. Look at the weekly chart, 9 months price action centred around 3907.ST: Two hours after RTH open today price is below 3964 which is […]

I have been writing “Bulls want to see 3964 hold and in the longer-term, the major Support at 3907” – so despite yesterday’s decline ES will stay in a strong position in the ST if it can hold 3964 which it did in Wed RTH (see chart) and overnight.

As previously noted the price action last Thursday was positive followed by a further rejected test of the 3907 Support overnight on Monday.Monday’s RTH generated a Value Area entirely above the 3964 Resistance (now Support).Pre-RTH today ES is printing above Thursday’s high.Bulls want to see 3964 hold and in the longer-term, the major Support at […]

I noted on Friday that on Thursday there was a “brief rejected test of the 3907 major Control and an immediate rally”. This just happened again overnight. I also wrote that the minor Control had “migrated lower to 3964”. That Resistance is in play today. Bulls would want to see the Support at 3907 hold.

Yesterday’s price action was positive. An early, brief, rejected test of the 3907 major Control and then an immediate rally with Significant Buying (green on chart) being marked. Also, overnight the minor Control at 4015 has migrated lower to 3964 – to me that’s an important development. If ES can hold 3964 it’s in a […]

In Tuesday’s note I wrote… most important for Bulls is seeing 3907 hold now. Currently ES is oscillating around that Control and pre-RTH today prints very close. Basic technical indicators are down, see second chart.

In yesterday’s note I wrote that 3907 is now important Support…most important for Bulls is seeing 3907 hold now. During RTH that was the case, see chart, but an overnight decline leaves ES printing below that level 30 minutes into today’s RTH.

The rejection at the 4015 Resistance on Thursday developed into a sharp sell-off with ES (March) approaching 3800 at the start of today’s RTH. The 12-month VAL comes in just below 3800 so a bounce here would be a reasonable expectation. If that happens I would be interested to see if the 1/2R level off […]