ES major Support is at 4137 and that was the exact low yesterday. There has now been five Value Areas above the Support which is a positive and bulls would want to see that hold or a quick recovery on a test.

SPY has stalled at the 414.0, 1/2R Resistance – worth monitoring. ES has generated four Value Areas above the 4137 major Support which is a positive but bulls would want to see that level hold.

SPY has stalled at the 414.0, 1/2R Resistance – worth monitoring. ES has generated three Value Areas above the 4137 major Support and bulls would want to see that hold.

SPY high on Monday was at the 414.0 1/2R Resistance so we will see today if SPY can breach that level. ES has generated two Value Areas above the 4137 major Support but a Value Area above the 4159 1/2R would be another positive.

Technically, Thursday was a very positive session and Friday’s Value Area was generated entirely above the Support at the 4137 major Control. However, ES has not convincingly recovered the Resistance at 4159 and SPY has stalled at its equivalent level, see 2nd chart – watching for that. A Value Area above 4159 would be welcome […]

Thursday was a very positive day. Shortly after RTH Open there was a rejection of the minor Support at 4128.50 and ES rallied strongly. The Resistance at 4159 was tested for the third time and this time it yielded (now 1st Level Support). Significant Buying (green) was marked and on the daily timeframe the major […]

Resistance remains at 4159, the 1/2R off last years high (see yesterday’s comments on chart) – ES has stalled, after testing it again yesterday. Currently ES prints very close to the minor Support at 4128.50 but Wednesday’s Value Area was generated above that level – a VA below that price would be a sign of […]

Early in RTH on Tuesday, ES tested and held the minor Support at 4128.50, see chart. Price relative to that level is worth monitoring again today. Last week ES found Resistance at 4159. The 1/2R off an all-time-high, like this, can often be major chart Resistance and end a rally so Bulls need to see […]

Late in Monday’s RTH ES broke above the minor Resistance at 4128.50 and is holding above that level (now Support) in a strong position pre-RTH today. The important Support remains at the 4015 major Control and the Resistance is at 4159 (1/2R off last year’s high) which effectively rejected price last week. Time above 4159 […]

The Resistance at 4159 (1/2R off last year’s high) came into play last week with a rejection on Tuesday. Price printing time above that level would be a further positive but currently I’m wary of new longs until that happens. The minor Control moved to 4128.5 and price relative to that level is worth monitoring […]