90 minutes after RTH open – ES has retreated back to the 6022.50 Control and is currently printing below that level in a weak position. 6022.50 has been briefly tested twice in the past two weeks and ES has rebounded immediately – today may be different and I will be cautious if Buyers don’t step […]

An uneventful week so far, in terms of price action. On Wednesday there was a rejected test above 6165, see highlighted comment on chart. First mechanical sign of weakness is an RTH close below 6129.25 (Wednesday’s Buying Day Low). ES has currently just broken below 6100. 1mn Support at 6088.0. More important Support at 6022.50.

v. minor Support (7dy) has emerged at 6134.0. Price relative to that level is worth monitoring today.Next Support is the minor (1mn) Control at 6088. ES has progressed higher this month but not with conviction so far. The area of price around 6170 may be a problem if reached this week.

ES has been responding well at Support levels, which is usually a positive sign, see arrows on chart. The 6022.50 Control provided Support on Wednesday and on Thursday intraday Support was found at the minor (1mn) Control at 6088, see note 02/12.

Re the 6022.50 Control; I wrote on 02/05 ‘Any sign of stress and ES could well return to that level‘. That’s what happened yesterday but ES found low at 6020.75 just before RTH open and bounced strongly. Yesterday I mentioned that ‘the minor (1mn) Control has migrated to 6088 and price relative to that level […]

ST: ES is currently generating daily Value Areas above the 6022.50 Control which is a positive indication. The minor (1mn) Control has migrated to 6088 and price relative to that level is worth monitoring. LT: See SPY weekly chart – trend remains up but momentum indicators, including the one shown and the RSI etc, are […]

Over the weekend, ES opened below the 6022.50 Control and rallied immediately, see second chart. As I wrote on 02/05, That’s usually a positive indication. Time printed below the Control would be a negative indication.

LT: I wrote yesterday that Any sign of stress and ES could well return to that level (6022.50) but time printed above 6022.50 is a positive indication. See chart. ST: The minor (1mn) Control has migrated to 6042 and that is a level worth monitoring. Significant Buying (green) was marked yesterday so the first mechanical […]

ES opened RTH on Tuesday just below the 6022.50 Control and then immediately rallied. That’s usually a positive indication but the Control was briefly tested again overnight (ES currently printing back above 6040). Any sign of stress and ES could well return to that level but time printed above 6022.50 is a positive indication.