Overnight ES has printed above 4080. As long as the minor control at 4013 holds I’m looking a test of 4148. If ES falls back below 4013, I’d expect further weakness.

The minor control has migrated lower to 4013 (from 4148). Post RTH open today, and only if ES prints above 4013, I’d look for a move higher to test 4148. If ES struggles to hold 4013, further weakness would be expected.

ST: As mentioned in yesterday’s note I had projected a minimum 3860 before selling imbalance could be exhausted. ES did briefly test 3860 during RTH and rallied. I’m now expecting the minor control at 4148 to print before 3860 prints again but I’m not looking at longs, even ST, unless 4148 is exceeded. Currently, not […]

ES remains in a weak position and the first ST sign of strength would be time printed above 4148, the minor control. ES 3883 is the low so far today – I had projected a minimum 3860 before selling imbalance could be exhausted.

Pre-open today ES reached its lowest level since March last year. ES broke below the 4353 Major Control on 04/22 and price action has been weak since then as detailed on previous notes on chart. ES remains in a weak position and the first ST sign of strength would be time printed above 4148, the […]

On Monday ES reached its lowest level since March last year and NQ since November 2020. ES broke below the 4353 Major Control on 04/22 and price action has been weak since then as detailed on previous notes on chart. ES remains in a weak position and the first ST sign of strength would be […]

ES has reached its lowest today since May last year – NQ since March last year. ES broke below the 4353 Major Control on 04/22 and price action has been weak since then as detailed on previous notes on chart.

Thursday saw a dramatic reversal of Wednesday’s rally. After ES broke below the major 4353 poc on 04/22 I wrote that I wouldn’t be considering new longs until that price level was recovered. I also wrote “Time spent close to 4200 would represent acceptance and indicate a new LT distribution had begun which would be […]

ES spiked above minor Resistance at 4211 (now minor Support) after rate announcement. If 4211 is held I assume the Major Control at 4353 will be tested. Currently price is below the Major which is a LT weak position so not looking at long positions yet (trades yes).

05/04 LT: ES remains below 4353, the Major Control, which is a LT weak position, see previous notes on chart. Not considering long positions below that level. ST: Not considering long trades below 4211 (minor control) but 4190 could attract time which might lower the minor control to that price. That development could set up […]