Significant development – the 6mn Control has migrated to 4396.0. Now important to monitor price relative to this level. Bullish if it holds as Support.

ES found Support on 10/27, see note 10/26 – rallied quickly back above the minor Control at 4368.5, see note 11/06 – currently holding above that level in a strong position, see note 11/06.

In note 10/23 I wrote “If ES is going to find a low hereabouts it should rally quickly back to the Control at 4368.5” After the low was put in on 10/27 ES rallied very quickly back to that Control and is currently printing above it. Bulls would want to see ES holding that level.

Since the low on Friday ES has rallied strongly with Significant Buying (green) marked twice. The minor VAH at 4336 has been reached – a likely place for a stall, but time close to this level rather than rejection would be a further positive. Resistance at 4369. from yesterday’s note: in the ST Bulls have […]

Since the low on Friday ES has rallied strongly with Significant Buying (green) marked on Tuesday and Wednesday. In the ST Bulls have Control; this is negated with a RTH close below 4215.5, yesterday’s Buying Day Low. Today there is minor (3 week) Support at 4257.5.

On Friday the Major Support at 4136 was briefly tested and ES has bounced. Monday’s RTH closed above Friday’s Selling Day high = a positive. On Tusday, Significant Buying (green) was marked = another positive. In the ST Bulls have Control; this is negated with a RTH close below 4171.75, yesterday’s Buying Day Low.

On Friday the Major Support at 4136 was briefly tested. ES rallied during Monday’s RTH, approaching 4200. The natural Support, 1/2R off Friday’s low, is at 4161. In the ST Bulls would want that level to hold. In the LT Bulls would want 4136 to hold.

On Friday the Major Support at 4136 was briefly tested (see note 10/26 highlighted on chart). 30 minutes into RTH today and ES has printed above 4180. As I wrote in that note “long-term Bulls would want ES to hold that important Support“.

Thursday’s low was 4146.25. Long-term Bulls would want ES to hold the Major Support at 4136 (see note 10/26). Time below that level would put ES in a LT weak position. First v minor Resistance is at 4182 so time above that level would be first indication of strength on the minor timeframe.

The recovery off Monday’s low was “a bit slow” (see note 10/25). Second clue that a low wasn’t in was the time below 4253 (see note 10/25) at the start of Wednesday’s RTH, in fact that was the high of the session. ES printed as low as 4171 overnight. The Major Control (months) is at […]