Thought we’d see a test below below 3790 before a rally of any significance, see Thursday’s note. ES has printed above 3950 since Friday’s low. Still, as per Friday’s note; no long trades for me if ES is below 4013 and no long positions below 4353.

As I wrote yesterday, the ST selling imbalance indicates a print below 3790 is likely. A rally above 4013 (now the minor control) would put that in doubt. I have noted that Sentiment readings are getting extremely bearish which suggest a rally may be coming BUT no long trades for me if ES is below […]

From yesterday’s note: If ES falls back below 4013, I’d expect further weakness. Early in the session 4013 was broken and ES declined quickly, printing as low as 3856. Unless Buyers step back in quickly, the market will go lower to find them. ST selling imbalance indicates that would be below 3790.

Overnight ES has printed a high as 4095. As long as the minor control at 4013 holds I’m looking for a test of 4148. If ES falls back below 4013, I’d expect further weakness.

Overnight ES has printed above 4080. As long as the minor control at 4013 holds I’m looking a test of 4148. If ES falls back below 4013, I’d expect further weakness.

The minor control has migrated lower to 4013 (from 4148). Post RTH open today, and only if ES prints above 4013, I’d look for a move higher to test 4148. If ES struggles to hold 4013, further weakness would be expected.

ST: As mentioned in yesterday’s note I had projected a minimum 3860 before selling imbalance could be exhausted. ES did briefly test 3860 during RTH and rallied. I’m now expecting the minor control at 4148 to print before 3860 prints again but I’m not looking at longs, even ST, unless 4148 is exceeded. Currently, not […]

ES remains in a weak position and the first ST sign of strength would be time printed above 4148, the minor control. ES 3883 is the low so far today – I had projected a minimum 3860 before selling imbalance could be exhausted.

Pre-open today ES reached its lowest level since March last year. ES broke below the 4353 Major Control on 04/22 and price action has been weak since then as detailed on previous notes on chart. ES remains in a weak position and the first ST sign of strength would be time printed above 4148, the […]

On Monday ES reached its lowest level since March last year and NQ since November 2020. ES broke below the 4353 Major Control on 04/22 and price action has been weak since then as detailed on previous notes on chart. ES remains in a weak position and the first ST sign of strength would be […]