As per note Friday – Price relative to the minor Control at 3984.50 is important to monitor. ES opened RTH on Friday above that level and immediately declined below it. I won’t look at new longs below that minor Control.

ST: Price relative to the minor Control, now at 3984.50, is important. ES opened above that level and 15 minutes in finds itself below it. Not a great start to RTH. I won’t look at new longs below that minor Control.

The minor Control at 3990.5 (see yesterday’s note) turned out to be Resistance twice in Wednesday’s RTH, see arrows on chart. There was weakness from there with ES printing down towards 3900. First Level Support is now 3844 and Second Level Support at 3777.0 which is the 1/2R off October low (dashed).

Following last week’s rally, ES is holding higher. First Level Support is the minor Control, now at 3990.50.Further Support at 3844. Resistance at 4135 Control and slightly higher at 4155 (1/2R off this year’s high – dashed on chart).

Following last week’s rally, ES is holding higher. First Level Support is the minor Control at 3984.50. Price printing time below that level today would be a minor indication of weakness.Further Support at 3844. Resistance at 4135 Control and slightly higher at 4155 (1/2R off this year’s high).

Following the positive price action earlier in the week (see previous, highlighted comments on chart) ES rallied strongly after Thursday’s inflation data and has held higher. Minor Support is at 3844. Resistance at 4135 Control and slightly higher at 4155 (1/2R off this year’s high). Today there is v min. Support at 3893.50.

Following the positive price action earlier in the week, see Tuesday’s highlighted comments on chart, ES rallied strongly after yesterday’s inflation data and is holding higher. Support is at 3844. Resistance around 4140.

Pre RTH today ES has printed above 3880 after data showed inflation cooling more than expected. The minor Control at 3844 is now Support. Support below that at 3764.

The Resistance at 3844 has been tested twice overnight – price printing time above that level would be a positive. The 3773 Support held on Monday, if that is broken then I would expect the more important Support at 3689 to be tested.

The 1/2R off October low at 3715 (dashed line on chart) was tested but held as Support at the end of last week – that’s a positive. 3mn Support is at 3689 – Bulls would want to see that hold. I wrote yesterday that the Minor Support was at 3773.5. That was clear Support in […]