Today – Minor (7day) Control migrated to 3748.5. Pre RTH, ES is printing above that level, so possible Support. More important Support at 3695. The major VAL is at 3705 (dashed line) – on the longer timeframe Bulls would want see rejection of that reference level – this week’s price action is encouraging in that […]

Today – Minor (5day) Resistance migrated to 3796.0. Pre RTH, there was a rejected test of that level, but price printing time above it would indicate higher in the ST. Support at 3695. The major VAL is at 3705 (dashed line) – on the longer timeframe Bulls would want see rejection of that reference level […]

Support at 3695. ES currently 3765. Minor (5day) Resistance at 3784.50. Price back above that level today would indicate higher in the ST. The major VAL is at 3705 (dashed line) – on the longer timeframe Bulls would want see rejection of that reference level – yesterday’s price action is encouraging in that respect, see […]

I wrote yesterday that First task for the Bulls is to auction ES above the 3695 Resistance. That was done. The major VAL is at 3705 (dashed line) – on the longer timeframe Bulls would want see rejection of that reference level, see last Tuesday’s (09/27) note on chart – most important.

ES remains in a weak position on every timeframe. First task for the Bulls is to auction ES above the 3695 Resistance. The major VAL is at 3705 (dashed line) – on the longer timeframe Bulls would want see rejection of that reference level, see last Tuesday’s (09/27) note on chart – most important.

see Tuesday’s note on chart – most important. Thursday RTH open, ES briefly tested the 3695 min Control and immediately sold off. Closely approached it again overnight but that level (currently Resistance) has not been exceeded. Still weak position even on min timeframe.

see Tuesday’s note on chart – most important. Today, I’m again watching price relative to the 3695.0 minor control. Time (a Value Area) above that level would be a positive in the ST. No obvious Support.

see yesterday’s note on chart – most important. Today First Resistance is the minor control at 3695.0. Time above that level would be first positive in the ST.

The control of the major price distribution which began more than two years ago is at 4136.5 (30-minute timeframe). The distribution “looks” complete, but it may not be. A rejection of the current VAL at 3705 and a rally would be a big clue that the distribution is still developing. Time spent at current levels […]

Overnight ES has printed as low as 3660.25, well below the major VAL at 3740 – see Friday’s note on chart. Need more information from the market before changing the “weak market” view for any timeframe. First Resistance at 3777.0 (4month). No obvious Support.