From yesterday’s note – “The Value Area Low of the LT price distribution is around 4200. A rejected test would be interesting but price acceptance at the VAL would be a further negative“. There was in fact a rejected test of 4200 (dashed blue) but I won’t be considering new longs if ES is printing […]

On Friday ES broke below the Major Control at 4353 and declined sharply which is a negative development. I have been writing that “Time below that Support would be an indication of weakness on the longer time-frame.”For a strong position to be regained, ES would need to recover back above 4353 OR the Controlling price […]

Thursday RTH was a weak session. An early probe above 4500 and ES sold-off quickly with most of the session Value Area being generated below the 4447 Support (1/2R off this year’s high – dashed). The more important Support at 4353 (major poc) has not yet been broken. Time below that Support would be an […]

Wednesday’s RTH Value Area was generated above 4447 (1/2R off this year’s high – dashed). That’s a stronger position; see yesterday’s note on chart. There was a brief, rejected test of that Support in the pm and currently ES prints above 4490. Bulls would want to see 4447 hold as Support now.

The Major Control is at 4353. The low on Sunday was 4355.50. On Tuesday, ES opened RTH below 4397 (minor control) and quickly rallied rejecting that level, a minor sign of strength, see yesterday’s note. The Resistance at 4447 (1/2R off this year’s high) was also exceeded and is now Support. ES currently printing above […]

Value Areas last week were generated below 4447 (1/2R off this year’s high) indicating that a test of the Major Control at 4353 was likley. The low on Sunday was 4355.50, just above the Control. Price printing time below that level would be a negative in the longer time-frame. Bulls would want to see price […]

Monday and Tuesday Value Areas generated below 4447 indicates the more important Support at 4353 (Major Control) is likely to be tested. Longer-term bulls would want to see price holding that lower Support.

On Monday the First Level Support at 4447.0 (1/2R off this year’s high) was broken, having held on two tests last week. Monday’s Value Area was generated below that level which indicates that the more important Support at 4353 (Major Control) is likely to be tested.

Last week the First Level Support at 4447.0 (1/2R off this year’s high) was briefly tested twice. Time below that level would indicate a test of the more important Support, the Major Control at 4353. At the start of the week there is Resistance at 4463 (5wk control) – time above that level today would […]

ES briefly tested the First Level Support at 4447.0 (1/2R off this year’s high) on Wednesday and again on Thursday. Time below that level would indicate a test of the more important Support, the Major Control at 4353.