Last five Value Areas have been printed entirely above 4672.50 – the First Support. That’s a sign of strength. Today that Support was briefly tested after the RTH open and quickly rallied above 4690. First indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed), 12th Nov. Buying Day low.

Thursday’s RTH briefly tested the First Support at 4672.50 and then immediately rallied, that’s positive price action. Last four Value Areas have been printed entirely above that level. That’s a sign of strength. First indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed), Friday’s Buying Day low. Sentiment: my version […]

Thursday’s RTH briefly tested the First Support at 4672.50 and then immediately rallied, that’s positive price action, see Monday’s comments. The 10dy has moved to 4689 and price relative tp that level is worth watching today. Last three Value Areas have been printed entirely above 4672.50, the 6wk control. That’s a sign of strength. First […]

Value Areas on Tue and Wed were printed entirely above 4672.50, the 6wk control. That’s a sign of strength. First indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed), Friday’s Buying Day low.

Tuesday’s Value Area was printed entirely above 4672.50, the 6wk control. Comment from pre-RTH 10th Novemberwas “5day migrated lower to 4673.5…I’d want to see time printed back above that price before looking at new longs“. First indication of weakness in the longer-term would be a RTH close below 4645.75 (dashed on chart), Friday’s Buying Day […]

Aggressive Buying (green) was marked on Friday. First indication of weakness would now be a RTH close below 4645.75 (dashed), Friday’s Buying Day low. First Support is at 4672.50, the 6wk control. Sentiment: my version of the Rydex Assets Ratio surprisingly spiked to a new high at 54.15 last week. On Monday the ratio was […]

Here’s the positives from Friday’s price action:Friday closed above the high of Wednesday’s Selling Day.Red-at-bottom lows get re-tested abvout 80% of the time within 2 days. Wednesday’s did not.Aggressive Buying (green) was marked.Enough time was spent at 4672.50 to lift the 6wk control to that level, and the RTH close was above that price (which […]

On Wednesday more time early in RTH at 4673.5, the minor control, and then sold off. I marked Aggressive Selling (red) on Wed for first time since late September. Red-at-bottom lows get re-tested abvout 80% of the time within 2 days. As I wrote on Wednesday “I’d want to see time printed back above that […]

On Wed more time early in RTH at 4673.5, the minor control, and then sold off. I marked Aggressive Selling (red) for firsttime since late September. Makes me more cautious. As I wrote yesterday “I’d want to see time printed back above that price before looking at new longs – price action in the ST […]

Today: The 5day migrated lower to 4673.5, see yesterday’s comments. Need to monitor price relative to that level and currently ES is printing below it. I’d want to see time printed back above that price before looking at new longs – price action in the ST is not great right now, also see Sentiment, below. […]