LT Bulls need to see ES back above the 4137 Control. ST: The v. minor Control fell to 4091.5. ST Longs avoided by me until that level recovered.

see yesterday’s note highlighted on chart. LT: Bulls need to see ES back above the 4137 Control. Relatively weak position currently. ST: The v. minor Control is at 4112.5 – price above that and 4142 should be tested.

When there is stress or nerves ahead of an event/announcement the market often scurries back to the Control. I’ve mentioned this many times. That’s what happened yesterday, see chart. Price relative to 4137 post the rate decision is my focus.

From Friday’s note – ES is back in a strong position that would be stronger if 4159 could be recovered. That 1/2R Resistance has been recovered and is now Support, as is SPY 414, it’s equivalent level. SPY holding 414 would be the next positive for the Bulls.

In yesterday’s note I wrote that there was minor Resistance today at 4099, being tested pre-RTH. As it turned out that minor Control proved to be Support and ES rallied right off the RTH Open. The RTH Close was well above the previous two Selling Day Highs and therefore negates that Selling activity. The Resistance […]

Significant Selling (red) marked again on Wednesday. There is minor Resistance today at 4099, being tested pre-RTH. First Maj Support at 4015 – for now, I’m assuming that will be tested.

The major Support at 4137 was broken on Tuesday and a sharp decline occurred in yesterday’s session. Although ES had generated two Value Areas above the 4159 1/2R Resistance in the early part of last week, SPY had not been able to recover its equivalent level and that was the clue, see note 04/20.

The major Support at 4137 was tested on Thu and Fri and pre-RTH today it has been tested again but Value Areas have been generated above that level so I say the Support has held so far. The other level we are monitoring is 4159 and that Resistance was in play on Friday and again […]

The major Support at 4137 was tested again on Friday but ES made a quick recovery, see Friday’s note. Seven Value Areas have now been generated above 4137 and a break of that level could indicate a change in the minor trend but so far – so good. The other level we are monitoring is […]