At the start of this week I’m watching the June contract relative to 5437 (v min Control). As noted previously Possible rejection here but time above 5400 would indicate acceptance and higher – last three Value Areas have been printed above that level. In the longer-term, if price is above the 5320 Control it remains […]

from yesterday’s note – I’ve been targeting 5435/40, see note 06/06, and that level has been reached. Possible rejection here, but time above 5400 would indicate acceptance and higher. Early RTH I’m watching price relative to 5426, ES below that and I’m not a buyer in ST.

I’ve been targeting 5435/40, see note 06/06, and that level has been reached. Possible rejection here, but time above 5400 would indicate acceptance and higher. First Support remains at 5320 – a break of that would suggest a test of the LT Support 5244.

Four Value Areas generated above 5320 – that’s a positive. Possibly a volatile day tomorrow and I’ll be monitoring that level as Support. There’s a minor (15dy) Control now at 5366 and time above that level could indicate a move to 5435/40, see note 6th June.

Last week the Resistance at 5320 was exceeded putting ES in a stronger position, see note 5th June. That level is now First Support and I’m targeting 5435/40 if it holds or quickly recovers a break. A RTH close below 5306.50 (Wed’s Buying Day Low) would be the first mechanical sign of weakness.

RTH on both Monday and Tuesday was printed entirely above the 5244 Control (now Support) which is a positive. Bulls want that Support to hold. Resistance at 5320 is yet to be exceeded but ES is testing that level pre-open. Time above 5320 would be another positive.

Support at 5207 was tested and rejected on Friday. Monday’s RTH was printed entirely above the 5244 Control (now Support) which was a positive. Bulls want that Support to hold. Resistance at 5320, yet to be exceeded. As per yesterday’s note: Buyers attempting to regain Control.

In Friday’s note I wrote that if time was spent below the LT Support at 5244 it would indicate a move to test next Support at 5207. ES tested that Support for about a minute, the immediately rallied strongly. Currently, ES prints above 5244 in a stronger position. There is Resistance at 5320. Buyers attempting […]

Wednesday RTH closed below 5286.75 (05/15 Buying Day Low) which is a mechanical sign of weakness, see note 05/17. Overnight ES has tested the LT Support at 5244, see note 05/29. Time below that level would indicate a move to test next Support at 5207.

Currently, ES is printing below the 5320 minor Control in a weaker position. In the longer timeframe, the Support is at 5244 and I’m targeting 5381 as long as that holds.