In yesterday’s note, I anticipated a dip to test 5505 and the decline hasn’t reached that. A slump after RTH Open today below 5600 would bring that back into play.The technicals are telling us that the market is oversold and a bounce is due; the 14-day RSI for the SPY ETF fell to 28.3, the […]

New longs are still eliminated for me below 6022.50 (see previous notes) – the Control migrating lower might change that.ST: First sign of strength would be ES holding above 5604 (1/2R off yesterday’s low). If ES prints below that level, a further dip to test 5505 is indicated, with that test possibly being rejected. If […]

ES just tested 5630 – “seems likely” from post earlier today. Rejection here could set up a rally but time printed around this level (acceptance) would be a further negative imo.

The minor Control migrated lower to 5763. Worth monitoring as possible Resistance today. New longs are still eliminated for me below 6022.50 (see previous notes) – the Control migrating lower might change that. ST: unless ES can recover 5732 early, a dip to test 5630 seems likely with that test possibly being rejected. If that […]

ST: The S/R level to monitor is still 5825. A Value Area printed above that level would be first minor sign of strength.New longs are still eliminated for me below 6022.50 (see previous notes) – the Control migrating lower might change that.

From yesterday’s note – ‘ES has not yet begun to respond positively to the S/R levels; actually the opposite‘. Again, in Tuesday’s RTH, ES failed at 5870 (arrowed on chat), the v. minor reference level given in yesterday’s note. ST: Today, the S/R level to monitor is 5825.

From yesterday’s note – ‘10day Support at 5973, worth monitoring today‘. ES broke that Support immediately after RTH Open and then found Resistance there intraday, see arrow on chart. A sharp decline followed. ES has not yet begun to respond positively to the S/R levels; actually the opposite. ST: First sign of strength would be […]

Resistance at the 6022.50 Control still valid. New longs eliminated for me below that level – the Control migrating lower might change that.ST: 10day Support at 5973, worth monitoring today.

Highlighted notes on chart track the recent developing weakness. Currently, ES is in a weak position below the 6022.50 Control. F or now, new longs are eliminated for me below that level – the Control migrating lower might change that.

Two Value Areas generated below the 6022.50 Control. Weak position. Note the Support at the Control on 02/12 (arrowed on chart) – and the Resistance yesterday. Referring back to note on 4th February ‘Market participants are waiting for the next catalyst that might drive price away from this level‘. Still waiting, but if ES prints […]