I have been writing “Bulls want to see 3964 hold and in the longer-term, the major Support at 3907” – so despite yesterday’s decline ES will stay in a strong position in the ST if it can hold 3964 which it did in Wed RTH (see chart) and overnight.

As previously noted the price action last Thursday was positive followed by a further rejected test of the 3907 Support overnight on Monday.Monday’s RTH generated a Value Area entirely above the 3964 Resistance (now Support).Pre-RTH today ES is printing above Thursday’s high.Bulls want to see 3964 hold and in the longer-term, the major Support at […]

I noted on Friday that on Thursday there was a “brief rejected test of the 3907 major Control and an immediate rally”. This just happened again overnight. I also wrote that the minor Control had “migrated lower to 3964”. That Resistance is in play today. Bulls would want to see the Support at 3907 hold.

Yesterday’s price action was positive. An early, brief, rejected test of the 3907 major Control and then an immediate rally with Significant Buying (green on chart) being marked. Also, overnight the minor Control at 4015 has migrated lower to 3964 – to me that’s an important development. If ES can hold 3964 it’s in a […]

In Tuesday’s note I wrote… most important for Bulls is seeing 3907 hold now. Currently ES is oscillating around that Control and pre-RTH today prints very close. Basic technical indicators are down, see second chart.

In yesterday’s note I wrote that 3907 is now important Support…most important for Bulls is seeing 3907 hold now. During RTH that was the case, see chart, but an overnight decline leaves ES printing below that level 30 minutes into today’s RTH.

The rejection at the 4015 Resistance on Thursday developed into a sharp sell-off with ES (March) approaching 3800 at the start of today’s RTH. The 12-month VAL comes in just below 3800 so a bounce here would be a reasonable expectation. If that happens I would be interested to see if the 1/2R level off […]

Thursday’s RTH opened with a brief probe above the 4015 Resistance followed by a swift and severe rejection. As per Wednesday’s note..The current, minor price distribution (since 02/16) seems to be developing down so I remain cautious of longs especially below 4015.

The Support at 3964 has moved to 3988. The Resistance is the 4015 Control. Significant Selling (red) below 3988 or Sig Buying (green) above 4015 could indicate the next directional move.

Monday’s Value Area was generated entirely above the 4015 Control – a minor sign of strength, see note 02/28, on chart. Yesterday’s price action saw a break back below that level, negating Monday’s positive indication. The current, minor price distribution (since 02/16) seems to be developing down so I remain cautious of longs especially below […]