w/e 05/26 there was a rejected test of the major Control (Support) at 4137. Higher low last week that bottomed above 4159 (1/2R Support off last year’s high). In longer timeframe this is positive price action, see note 05/22 on chart. Major Support at 4137.

w/e 05/26 there was a rejected test of the major Control (Support) at 4137. This was followed by a higher low last week that bottomed above 4159, the 1/2R Support off last year’s high. In the longer timeframe this is positive price action, see note 05/22, with major Support at 4137.

On Thursday the minor Resistance at 4202.0 was exceeded and Significant Buying (green) was marked. Pre-RTH today ES had printed above 4250. LT: Bulls would want to see ES hold the 4137 major Control (Support).

Resistance on Wed was 4205, see yday’s note, and RTH high 4204.5. Minor Resistance today is 4202.0.LT: bulls would want to see ES hold the 4137 major Control (Support).

The 4137 major Control (Support) could come back into play if stress increases, see note 05/03, but there is higher Support at 4159 (1/2R).Today: 4205 minor Resistance (could become Support).

Last week there was a rejected test of the major Control (Support) at 4137. Value Areas on Thu and Fri were generated above that level. 4137 could come back into play if stress increases, see note 05/03, but this is a stronger position.

On Wed ES sold down below the major Control at 4137 but recovered and Thu RTH generated a Value Area entirely above that level. 4137 could come back into play if stress increases, see note 05/03. Minor level for reference today is Support at 4151.

ES sold down below the major Control at 4137 but has recovered and one hour pre-RTH is printing above 4150. Until the debt ceiling issue is resolved 4137 may keep coming into play but price above that level is a stronger position – for more on this see previous notes highlighted on chart.

Market stress has increased and once again, ES is selling back to the major Control at 4137, see highlighted note from 05/03. This despite the technical positives from last week. Price relative to that level is important to monitor. ST: clue in Tuesday’s RTH was price relative to 4202, see yday’s note.

LT: Looking positive to me as long as ES holds 4137.ST: Today I’m monitoring price relative to the v min Control at 4202.If 4205 attracts time then I’d be targeting 4240.Should 4180 be tested ST Bulls would want to see a fast rejection.