ST Control moved slightly lower to 5948. Time below that level could precede a test below 5860. Bulls would want to see 6022.50 exceeded.

On 3rd Jan I wrote ‘I’m looking for Effective Buying (green) marked above 6022.5 (3mn Control) before considering new longs‘. In Tuesday’s session we saw the opposite, i.e. Effective Selling (red) marked below that level and currently ES is printing back close to the minor Control at 5954. Effective Selling (red) marked below 5954, would […]

ES is currently printing above the 6022.50 Control in a stronger position. There was a dip below that Support during yesterday’s session and most time was spent printing close to it. A Value Area generated above 6022.50 would be more convincingly positive price action.

ES opened RTH above the 6022.50 Control which puts it back in a strong position. This increases the odds that a price distribution which began in early November has just completed. If that is the case, and the next distribution is up, 6022.50 will act as Support if tested.

On Thursday, ES generated a second Value Area below 5954. From note 12/31 ‘a Value Area below the 10day Control at 5954 would indicate lower‘. In the ST, this is a weakened position. There was a dip lower yesterday to 5875 but ES may want to test the low of 12/20, i.e. 5866. In any […]

see note 12/31 on chart – looking for Effective Buying (green) marked above 6022.5 (3mn Control) before considering new longs. ST: On Tuesday ES generated a Value Area below 5954 (minor Control) but overnight has recovered – price back below that level would be indication of weakness. I have no idea which way this will […]

In the LT, price relative to 6022.5 (3mn Control) is important to monitor. I would want to see Significant and Effective Buying activity (green) marked above that level before considering new longs. In the ST, price printing time (i.e. a Value Area) below the 10day Control at 5954 would indicate lower.

Chart is now March ’25 contract.Recap – Significant Selling (red) was marked four times in the days prior to the sharp decline on 18th. I wrote on 10th Dec that ‘Sellers are in Control of ST‘. At the start of this week, price relative to 6022 is important to monitor – as I wrote on […]

The front month has rolled to March but for the sake of my current analysis I’m sticking with the Dec contract this week. Please see previous, highlighted notes on chart. Last week Significant Selling (red) was marked three times and I wrote on Thursday ‘Sellers are in Control of ST‘. On Friday I wrote ‘Unless […]

The front month has rolled to March but for the sake of my current analysis I’m sticking with the Dec contract for today. Some small changes to yesterday’s note. Minor Control is at 6061.50. ES may find this level attractive ahead of the Fed rate decision but time printed below 6061.5 could indicate a test […]