Significant Selling was noted last week. 1) Thursday RTH closed below 5976 (most recent Buying Day Low (11/07). That’s a mechanical sign of weakness.2) Significant Selling was marked (red) on Thursday.3) Friday was a weak day.Having said that, the net result was only a 50% retracement of previous week’s rally, so not convinced Sellers are […]

Mechanically, the first sign of LT weakness would come with a RTH close below 5976 (Thursday’s Buying Day Low). Today, there is a ST (9day) Control at 6024 – price relative to that level is worth monitoring. Rejection still a possibility here, see Friday’s note, highlighted on chart.

From Friday’s note ‘If ES struggles to maintain momentum above that level (6015) it wouldn’t be a surprise but trend is clearly up‘. ES is currently holding above 6015.Mechanically, the first sign of weakness would come with a RTH close below 5976 (Thursday’s Buying Day Low).

Previously mentioned (10/15) upside target at 6015 is close. If ES struggles to maintain momentum above that level it wouldn’t be a surprise but trend is clearly up as per the weekly chart shown yesterday. That needs respect so a clear rejection would be first indication of change. Big Support remains at 5771.50 and price […]

ES recovered the Control at 5771.50 – Tuesday’s Value Area was generated entirely above that level and Significant Buying (green) was marked, see note 4th November on chart. Explosive move after that with ES reaching a new high – see Weekly chart top left.

Little to add to yesterday’s note. Price below the 5771.50 minor Control is a weak position – Monday’s Value Area was generated entirely below that level. Minor Control could fall to 5753 area with time there today. I’ll post if that happens because that could be a significant development. The major Control is currently at […]

The minor Control has migrated back to 5771.50, see note 10/31. ES is currently printing below that level in a weaker position. Bulls would want to see Significant Buying Activity (green) above that level. The major Control is at 5635 and that is the next Support.

I wrote yesterday that ‘A break above 5886 would be a further positive‘. We didn’t get that; in fact 5886 capped the upside, see chart. The Support at 5864 was then broken, which I wrote ‘would be a negative‘. First Support is at 5771.50. Unless the 5886 minor Control moves lower, I’m reluctant to look […]

In Monday’s note I wrote ‘Watching price now relative to 5864‘. ES has spent most time this week above that level, which is encouraging. A break above 5886 would be a further positive and would have me looking at the 6015 target area. Time below 5864 would be a negative.

The 5886 Resistance was tested and rejected early in Friday’s RTH, see note 10/22. Today, enough time has been spent at 5864 to lower the minor Control back to that level (from 5886). Watching price now relative to 5864. Time <5864, First Significant Support remains at 5771.50 (see note 10/10) Time >5864, I’d be looking […]