Thursday’s RTH Value Area was generated entirely below 3955 – that’s time below Major Support, see previous highlighted posts on chart about this level. The minor VAL at 3914 held RTH on a test but overnight ES has printed below 3875. This is a weak position. I’d want to see time back above 3955 before […]

ES printing close to Major Support at the 3955 Control. Bulls would want to see that level hold or recover a test quickly.

On Monday the Resistance at 3983.5, the minor Control, was exceeded and Significant Buying Green was marked – see yesterday’s note. Following today’s CPI number, ES has moved strongly higher, well above 4100. The LT Support remains at 3955, the Major Control, Bulls would want to see that level hold.

Early last week there was a test of 3914, the minor VAL. There was a bounce from there but it’s been unconvincing so far – the last four Value Areas have been generated below 3983.5, the minor Control, which is a weak position.

Following a test of 3914, the minor VAL, ES is currently printing a little above 3955, the major Control. Bulls would want that level to hold. Today, the minor Resistance at 3983.5, has been approached but not exceeded – Significant Buying (green) above that level would look bullish in the ST.

ES remains in a weak position below 3955, the major Control. The minor VAL at 3914 has been tested outside of RTH and ES has bounced from there but as per yesterday’s note, I will be looking for Buying (green) above 3955 before considering new longs.

Two days of Significant Selling (red) and ES has broken below the major Control at 3955. That’s a weak position. Pre RTH the minor VAL at 3914 has been tested, ES has bounced from there but I will be looking for Buying (green) above 3955 before considering new longs.

There was a sell-off in Monday’s RTH that approached the First Level Support at 3983.50 but didn’t quite test it, see yesterday’s note. Major Support is at 3957.

Although ES begins this week in a strong position, I’m thinking we’ll see First Level Support at 3983.50 tested before 4100 is exceeded. Major Support is at 3957. Resistance is at 4155.

On Wednesday ES broke above the minor Resistance at 3983.50 and then out of the 12-day consolidation. First Level Support is now 3983.50 and Resistance at 4155.