ES recovered the 12-month Support at 6845 on Wednesday, which is encouraging. Also the 6-month at 6907. Bulls would want to see 6907 hold or a test of that level recover. Looking for time (a Value Area) to build above 6907 to confirm a more positive view.

ES broke the 12-month Support at 6845 on Tuesday and currently prints below that level in a weak position. A test of the major Value Area Low (VAL) around 6790 might attract Buyers but I would want to see ES back above 6845 before considering long positions. read this post on Substack

I wrote on Friday ‘ES must hold 6956 to maintain a strong position‘. Friday’s session held that Support but events have overtaken and ES suffered a sharp markdown. read this post on Substack The 12-month Support at 6845 has been closely approached overnight, see inset chart. Bulls would definitely want that level to hold or […]

ES must hold 6956 to maintain a strong position, see yesterday’s note, highlighted on chart. read this post on Substack ST: Today there is 6day Resistance at 7007.0 – a break above that could extend.

Development: 1month Control migrated higher to 6956.0. ES must now hold this level to maintain strong position. Looking higher if that happens. First mechanical indication of weakness would be a RTH close below 6945.5, dashed on chart. read this post on Substack

See yesterday’s note, highlighted on chart. Support at 6952 (minor Control). Minor Resistance at 7008.0 – time above that level would be a positive. read this post on Substack

I wrote on 01/08 that a rejected test of 6952 could set up a rally. There was a brief, rejected test of that Support overnight on Monday (see second chart) and ES has rallied strongly. Proven Support now at 6952 and time below that level going forward would be a negative indication. First mechanical indication […]

Overnight the minor Control at 6952 was briefly tested and rejected. Bulls would want that Support to hold – time below 6952 would be ST negative. First mechanical indication of weakness would be a RTH close below 6945.5 (dashed), Tuesday’s Buying Day Low. read this post on Substack

I wrote yesterday ‘I’m monitoring price relative to the minor Control at 6952‘ and ‘a rejected test of that level could set up a rally‘. You can see from the chart that there was clear Support right there during yesterday’s RTH, but this did not spark a rally, yet. Even so, the Support shown at […]