From Friday “I’m cautious here. Bulls would want to see 4689 quickly recovered”. Two Value Areas generated below 4689.0, the major control. Pre-RTH ES has printed as high as 4688.25, close to that level which is currently Resistance. Time printed above the control would change the picture and be a first sign of strength.

Last week a mechanical sign of weakness was triggered on Wednesday, as previously described (see comments on chart). Aggressive Selling (red) was also marked on Wednesday and ES declined to test the major control at 4689.0. I wrote pre-RTH on Friday that “Time printed below that level would be a further indication of weakness and […]

Thursday’s RTH Value Area was generated above 4689.0, the 5 month control. As written yesterday Time printed below that level would be a further indication of weakness and suggest lower. We’ve seen Aggressive Selling (red) this week and a mechanical sign of weakness was triggered on Wednesday with the RTH close below 4729.50 (the 12/27 […]

Wednesday: an intraday rally was rejected at 4777.50, the minor control, see black arrow, and ES sold-off sharply to the more important Support at 4689.0, the 5 month control. Aggressive Selling (red) was marked. The RTH close was below 4729.50, the 12/27 Buying Day low, which is a mechanical sign of weakness, see yesterday’s highlighted […]

From the low on 12/20, Aggressive Buying was marked three times as ES rallied. There was then a period of ranging for six days and the minor Control migrated to 4777.5. Price relative to this level is worth monitoring. There is more important Support at 4689.0, the 5mn Control. First sign of weakness mechanically would […]

From the low on 12/20, Aggressive Buying was marked three times as ES rallied. There was then a period of ranging for five days and the 10-day Control migrated to 4777.5. Price relative to this level, now Support, is worth monitoring. There is more important Support at 4689.0, the 5mn Control. First sign of weakness […]

The 10-day Control migrated to 4777.5. Price relative to this level is worth monitoring for strength/weakness at the start of this week. ES is currently printing very close. There is important Support at 4689.0, the 5mn Control. First sign of weakness mechanically would be a RTH close below 4729.50, last Monday’s Buying Day low.

The 10-day Control migrated to 4788.0. Potentially Resistance. Support at 4689.0, the 5mn Control. Aggressive Buying (green) has been marked three times in the last seven days. Buyers have been Active and Effective. First sign of weakness mechanically would be a RTH close below 4729.50, Monday’s Buying Day low.

The 10-day Control migrated to 4783.0. Potential Support today. More important Support at 4689.0, the 5mn Control. Aggressive Buying (green) has been marked three times in the last six days. Buyers have been Active and Effective.

The 5mn Control migrated higher to 4689.0, pre-RTH on Thursday. Value Areas on Thursday and Friday were generated above that level. Aggressive Buying (green) has been marked three times in the last four days. Buyers have been Active and Effective and as long as ES holds 4689 (now Support) it is in a strong position.