The Support at 3964 has been tested now, see previous notes on chart. Pre-RTH today the low has been 3962.75. Rejection here would be a positive sign, and price recovering above 4015, the minor Control. I would take price acceptance at 3964 or lower as a negative.

Tuesday’s RTH generated a lower, wider Value Area. Significant Selling (red) was marked. I’m not considering new longs unless the Support at 3964 (or close) is tested or the Resistance at 4137 is exceeded. ST: price relative to the v min Control at 4012 is worth monitoring today.

The 1mn VAL is at 4081 (dashed line) and price has not been rejected from that level as it was 02/10 so I assume the associated distribution is complete. Current (minor) distribution is down and as per Friday’s note (highlighted on chart) I’m expecting the Support at 3964, or close, to be tested. A break […]

Important development: the major Control migrated to 4137 yesterday. 4137 is now major Resistance and as ES is currently printing below that level it is in a weakened position. There is Support at 3964 and I expect that to be tested. A break above 4137 would negate that assumption and put ES in a much […]

The minor Control (1mn) migrated down to 4128.0. Pre-RTH ES is printing below that level so 4128 is Resistance today. The minor Value Area Low (VAL) has also moved lower to 4080 and if Bulls are in control of the minor time-frame this level could Support. More important Support remains at 3989.In the longer-term, the […]

Minor Resistance today is 4145.50. Price above that level would be a stronger position.The minor VAL is at 4087 (dashed on chart) – if Bulls are in control of the minor time-frame this level could Support.More important Support at 3989.In the longer-term the reduce risk point remains at 4048.50 (triggered by a RTH close below […]

The minor (1mn) Control has moved to 4145.5. This could be a useful level to monitor today. Above/Below = Strong/Weak in the ST.In the longer-term the reduce risk point remains at 4048.50 (triggered by a RTH close below that level) and this level has not been threatened since the start of the month.

If ES comes under pressure at the start of this week, I’m thinking Buyers might find price around 4050 as attractive. Resistance is at 4128.50 and Support (4 mn) at 3989. The reduce risk point remains at 4048.50 – triggered by a RTH close below that level.

ES had a problem with the minor Resistance at 4169.0 on Wed and Thu. Sold off from there yesterday, breaking the minor Support 4128.50. The reduce risk point remains at 4048.50 – triggered by a RTH close below that level. More important (4 mn) Support at 3989.

I wrote in yday’s note “There is minor Resistance today at 4169.0, time above that level would indicate higher”. That level was Resistance in Wed RTH and again overnight. Note that the minor Support has moved higher to 4128.50 (from 3989). Also note that 4169/70 might attract time which would lift the target to 4267. […]