LT: The 7mn Control migrated to 4152 on 08/04 and ES has struggled to print time above it since then, see chart. That’s becoming a concern to me. ST: Overnight, ES found Resistance at 4152, the 7mn Control, and has subsequently printed below 4125. Repeating yesterday’s note, a RTH close below 4112.50, (dashed line on […]

Currently Buyers are Active and Effective. Significant Buying (green) has been marked four times in last eight days. Although ES generated a Value Area on Friday, entirely below the 7mn Control at 4152, the RTH close was high in the day’s range. Sellers are absent on the day-frame, 4152 is Support. A RTH close below […]

Change: The 7mn Control has migrated higher (again) to 4152. Time printed above that level, would be a further bullish indication. Price/time below that point would infer ST weakness.

I wrote in yesterday’s note that time printed above 4119, the 7mn Control would be a bullish ST indication. Early in Wed’s RTH, ES held that level and then generated a Value Area entirely above that level. 4119 is now Support.

Change: The 7mn Control migrated to 4119.0. Time printed above/below that level would now be a bullish/bearish ST indication. See also yesterday’s note highlighted on chart.

Three consecutive days of Aggressive Buying (green) Wed to Fri. That’s a positive. The v. minor Control is at 4118.0 and price is currently printing below that level. A RTH close below 4081, Friday’s Buying Day low, would be a mechanical indication of short-term weakness. 4015 may be attractive.In the longer-timeframe as long as ES […]

Three consecutive days of Aggressive Buying (green). The v. minor Control is now at 4118.0 and price relative to that level may be a useful ST reference today, e.g. as Support/Resistance in RTH.

Wed RTH: ES opened, briefly tested the 3957 Support (given yesterday) and rallied strongly. That’s further positive price action. ES is currently printing close to 4015, see previous, highlighted noted on chart.

Minor change: 1mn control moved to 3957. In the ST, ES needs to hold this level. As per previous notes, time at 4015 would be the next positive development.

There’s been positive price action since the rejected test of the 3829 control on 07/18. Specifically, acceptance (time) above the VAH at 3903 (dashed line) – see previous notes highlighted on chart.