posted 9.23 a.m. est Pre-open Monday 7th June Longframe: The CP Market Timing System was negative for the fifth consecutive week.  Note that Friday’s weak close meant that last week’s structure was back to the bearish pattern of relative weakness at the end of the week.  Dayframe: On Friday I marked Significant Selling (red-at-bottom).  This […]

posted 3.30 a.m. est Pre-open Thursday 3rd June Tuesday’s low was not tested on Wednesday (8 out of 10 times a red-at-bottom low is tested the following day).  This lack of follow-through was also seen late last week when the Buyers failed to auction ES above the 10day Value Area (grey). Over the last four […]

posted 9.30 a.m. est Pre-open Wednesday 2nd June All previous comments (highlighted on graphic) are relevant. Significant Selling marked again on Tuesday (red-at-bottom). Odds are that Tuesday’s low (1068.50) will be tested today. 1082 (25day poc) is First Level S/R. If ES is going to test the 1036.75 low then 1082 would most likely be […]

posted 8.20 a.m. est Pre-open Tuesday 1st June Price action on Thursday and Friday was centred close to 1094, the Major poc.  Note also that the 25day poc at 1082 supported the price action.  Following Significant Selling on Friday that level has now been broken and pre-open today ES has printed as low as 1069.  […]

posted 9.15 a.m. est Pre-open Friday 28th May In the a.m. on Thursday 1094 was intraday resistance and in the p.m. it was support.  This is an indication of ST strength.  Pre-open today ES has printed as high as 1106.75.  Bulls would want to see 1094 holding now.   Longframe: The CP Market Timing system is […]

posted 9.28 a.m. est Pre-open Thursday 27th May ES continues to print below the 1094 level but only just – see chart left. Pre-open ES has printed as high as 1092. Current sentiment readings (see below) are suggesting increasing likelihood of a bounce here at least and the odds for that would improve if ES […]

posted 4.55 a.m. est Pre-open Wednesday 26th May Buyers responded again on Tuesday (grren-at-bottom) but this was not Effective Buying (the Value Area was lower and wider on increased volume). As I emphasised in yesterday’s webcast ES below 1094 is weak price location and with the CP Market Timing System still negative caution is advised.  […]

posted 9.28 a.m. est Pre-open Tuesday 25th May ES didn’t even manage a probe up to 1094 on Monday and closed weakly.  As I suggested it might there has been another sharp sell-off and pre-open ES has been as low as 1036.75.  The ST sentiment shows enough bears that we should be looking for a […]

posted 9.28 a.m. est Pre-open Monday 24th May Same structure last week as previous week. Relative strength early in the week and relative weakness late in the week.  This is typically a bearish weekly structure (see last Monday’s comment, left).  I marked two instances of Responsive Buying last week and two instances of Aggressive Selling […]

posted 9.28 a.m. est Pre-open Friday 21st May High on Thursday was 1094 and early in the session.  This puts ES in a weak position and possibility of another sharp break (see comments from Monday, left).  I cannot be long at least until Effective Buying is marked above 1094. ST entiment: My version of the […]