Tuesday generated a Value Area above 4672.50 which is an indication of strength, see previous comments. That is now First Level Support. Note that very little is needed at 4684.50 to migrate the three month control to that level.

Short term: Both levels given yesterday were useful in yesterday’s price action. The session opened with a brief test of 4558, the v minor control, and ES rallied from there, see yesterday’s highlighted comments on chart. The 4610 Resistance level capped the session’s high, and today is First Level Support. Pre-RTH, ES is printing higher […]

Short term: Earlier today, the v minor control migrated higher to 4558 (from 4536, see Thursday’s comments). I’m watching price relative to that level at the start of this week as a clue to early directional bias. ES is currently printing close to that level. First Level Resistance remains at 4610. Longer term: Same as […]

Thursday’s Value Area (time) was generated above 4536, which is a first sign of strength, see yesterday’s comments. Today the level to monitor is 4579 as Support. The next sign of strength would be time printed above 4622 Resistance. As mentioned earlier in the week I’m waiting until Significant Buying (green) is marked again or […]

From pre-RTH yesterday “New longs are eliminated for me until Significant Buying (green) is marked again or ES prints a Value Area back above the 4672.50 Control.” On Wednesday an early rally faded quickly to new lows for this move. Today I’m watching price relative to 4536, which is now the v minor control. Below […]

I’ve been writing that a Value Area printed entirely below the 4672.50 Control would be a concern for the Bulls. That happened on Monday. Also that the first mechanical indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed on chart), the 12th Nov Buying Day low. That happened on Tuesday. […]

I’ve been writing that a Value Area printed entirely below the 4672.50 Control would be a concern for the Bulls. That’s what we saw yesterday. The first mechanical indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed on chart), the 12th Nov Buying Day low. That didn’t happen yesterday. Dayframe: […]

I’ve been writing that a Value Area printed entirely below the 4672.50 Control would be a concern for the Bulls. Price during Friday’s shortened session took place below that level – I’m interested to see what develops today but ES is in a weak position below that price. The first mechanical indication of weakness in […]

Big sell-off overnight. As I’ve been writing, a Value Area printed entirely below the 4672.50 would be a concern for the Bulls, and the first mechanical indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed on chart), the 12th Nov Buying Day low. Sentiment: My version of the Rydex Assets […]

ES needs to hold the 4672.50 Support. A Value Area printed entirely below that level would be a concern for the Bulls. First indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed), 12th Nov Buying Day low.