Change. The 2mn control has migrated higher to 4147.0 (from 4013). This is now the most important reference level for me. If ES can print time above that level it is in a strong position to rally further. Below that price is a weaker position.

On Thursday, 4013 Resistance exceeded & rally accelerated. Long trades okay for me above that level. Bulls need 4013 to hold as Support now. The major control is still at 4353 and I will only look at long positions if that price is exceeded.

On Thursday the Resistance at 4013 was exceeded shortly after RTH open and the Value Area was generated entirely above that level. If 4013 now holds, ES is in a stronger ST position meaning I will consider long trades. The major control is still at 4353 and I will only look at long positions above […]

ES is approaching the 2month Resistance at 4013. Price printing time above that level would a stronger position for long trades for me (not long positions). In the ST, there is minor Support at 3973 today – a break of that level would indicate a weak end to the week.

05/25 Thought we’d see a test below below 3790 before a rally of any significance, see Thursday’s note. No long trades for me if ES is below 4013 and no long positions below 4353. ST: 12day control = 3923.0. Price relative to that level today might be useful to monitor intra-day.

Thought we’d see a test below below 3790 before a rally of any significance, see Thursday’s note. ES has printed above 3980 since Friday’s low. Still, as per Friday’s note; no long trades for me if ES is below 4013 and no long positions below 4353. ST: 10day control = 3929.0. Price relative to that […]

Thought we’d see a test below below 3790 before a rally of any significance, see Thursday’s note. ES has printed above 3950 since Friday’s low. Still, as per Friday’s note; no long trades for me if ES is below 4013 and no long positions below 4353.

As I wrote yesterday, the ST selling imbalance indicates a print below 3790 is likely. A rally above 4013 (now the minor control) would put that in doubt. I have noted that Sentiment readings are getting extremely bearish which suggest a rally may be coming BUT no long trades for me if ES is below […]

From yesterday’s note: If ES falls back below 4013, I’d expect further weakness. Early in the session 4013 was broken and ES declined quickly, printing as low as 3856. Unless Buyers step back in quickly, the market will go lower to find them. ST selling imbalance indicates that would be below 3790.

Overnight ES has printed a high as 4095. As long as the minor control at 4013 holds I’m looking for a test of 4148. If ES falls back below 4013, I’d expect further weakness.