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). Time around 4190 would be a minor positive development and indicate a retest of 4353.

ES printing below 4353 (major control). Likely test of 4090. Rejection of that Support and could see bounce – acceptance would see ES lower. Not looking for longs on any timeframe if ES is printing below 4213.

Aggressive Buying (green) marked on Thursday but ES remains below 4353, the Major Control, which is a weak position, see previous notes on chart. ST: If 4213 (minor control) Support can be held I’ll look for a rally back to 4353 but time below 4213 would indicate a retest of Tuesday’s low.

Aggressive Selling (red) has been marked twice in last four days and ES prints below 4353, the Major Control, which is a weak position, see previous notes on chart. ST: If 4213 (minor control) Support can be held I’ll look for a rally back to 4353 but time below 4213 would indicate a retest of […]

from Previous notes: If ES is printing below the 4353 Control it is in a weak position. Time spent close to 4200 would represent acceptance and indicate a new LT distribution had begun which would be down, i.e. confirming a major change of trend. ES currently printing below 4200

From yesterday’s note – “The Value Area Low of the LT price distribution is around 4200. A rejected test would be interesting but price acceptance at the VAL would be a further negative“. There was in fact a rejected test of 4200 (dashed blue) but I won’t be considering new longs if ES is printing […]

On Friday ES broke below the Major Control at 4353 and declined sharply which is a negative development. I have been writing that “Time below that Support would be an indication of weakness on the longer time-frame.”For a strong position to be regained, ES would need to recover back above 4353 OR the Controlling price […]

Thursday RTH was a weak session. An early probe above 4500 and ES sold-off quickly with most of the session Value Area being generated below the 4447 Support (1/2R off this year’s high – dashed). The more important Support at 4353 (major poc) has not yet been broken. Time below that Support would be an […]

Wednesday’s RTH Value Area was generated above 4447 (1/2R off this year’s high – dashed). That’s a stronger position; see yesterday’s note on chart. There was a brief, rejected test of that Support in the pm and currently ES prints above 4490. Bulls would want to see 4447 hold as Support now.

The Major Control is at 4353. The low on Sunday was 4355.50. On Tuesday, ES opened RTH below 4397 (minor control) and quickly rallied rejecting that level, a minor sign of strength, see yesterday’s note. The Resistance at 4447 (1/2R off this year’s high) was also exceeded and is now Support. ES currently printing above […]