Early last week there was a test of 3914, the minor VAL. There was a bounce from there but it’s been unconvincing so far – the last four Value Areas have been generated below 3983.5, the minor Control, which is a weak position.

Following a test of 3914, the minor VAL, ES is currently printing a little above 3955, the major Control. Bulls would want that level to hold. Today, the minor Resistance at 3983.5, has been approached but not exceeded – Significant Buying (green) above that level would look bullish in the ST.

ES remains in a weak position below 3955, the major Control. The minor VAL at 3914 has been tested outside of RTH and ES has bounced from there but as per yesterday’s note, I will be looking for Buying (green) above 3955 before considering new longs.

Two days of Significant Selling (red) and ES has broken below the major Control at 3955. That’s a weak position. Pre RTH the minor VAL at 3914 has been tested, ES has bounced from there but I will be looking for Buying (green) above 3955 before considering new longs.

There was a sell-off in Monday’s RTH that approached the First Level Support at 3983.50 but didn’t quite test it, see yesterday’s note. Major Support is at 3957.

Although ES begins this week in a strong position, I’m thinking we’ll see First Level Support at 3983.50 tested before 4100 is exceeded. Major Support is at 3957. Resistance is at 4155.

On Wednesday ES broke above the minor Resistance at 3983.50 and then out of the 12-day consolidation. First Level Support is now 3983.50 and Resistance at 4155.

On Wednesday ES broke above the minor Resistance at 3983.50 and then out of the 12-day consolidation. First Level Support is now 3983.50 and Resistance at 4155.

I’m not adding new longs if ES prints below 3983.50. I wrote that a RTH close below 3962.75 (11/22 Buying Day low) would be ST mechanical Sell for me, this happened yesterday but it was very close.Support at 3796. Resistance at 4155.

Adding little to yesterday’s note. The minor Control is at 3983.50. At current levels I’m not adding new longs below that level. A RTH close below 3962.75 (11/22 Buying Day low) would be ST mechanical Sell for me.Support at 3796. Resistance at 4155.