Following the test of the 3672 major Support overnight on Monday, ES has recovered back above 3797, the 3mn. Value Areas on Tue and Wed were generated entirely above that level. This is a strong position with First Level Support at 3797. Stocks>50dyma Nyse 64% (from 62%), Nasdaq 78% (from 79%), R2000 73% (from 73%). […]

Following the test of the 3672 major Support overnight on Monday, ES has recovered back above 3797, the 3mn. In fact yesterday’s Value Area was generated entirely above that level. This is a strong position (see yesterday’s comments) with First Level Support at 3797. Stocks>50dyma Nyse 62% (from 56%), Nasdaq 79% (from 74%), R2000 73% […]

Rare to see Aggressive Selling and Buying marked on consecutive days. Following the test of the 3672 Support overnight on Monday, Buyers re-entered and have auctioned ES back to the 3mn at 3797. Price printing time above that level would be a stronger position. Stocks>50dyma Nyse 56% (from 44%), Nasdaq 74% (from 65%), R2000 67% […]

pre-open on 27th I wrote “time below 3797 would suggest further weakness and a test of the longer-term Support at 3672”. Overnight that Support has been tested with ES printing as low as 3656. From the test ES has rallied to 3750. Price printing back below 3672 would suggest LT Support is breaking down and […]

ChartProfit Chart Book – week ending 29th January 2021

Interesting development on Thursday. The Selling on Wednesday did not see any further downside and enough time was spent at 3796.00 to lift the 5mn controlling price to that level. As long as ES prints above 3796 it is in a strong position – but could be subject to further weakness if it isn’t. Pre-open […]

In Wednesday’s pre-open comments I said “Price printing time below 3797 would suggest further weakness and a test of the longer-term Support at 3672”. Early in the session there was a rejected probe at that 1mn controlling price and ES declined sharply. Aggressive Selling (red) was marked for the first time since mid November. New […]

In Tuesday’s pre-open comments I said “price printing time above 3851 would suggest further strength but that hasn’t happened yet”. Wednesday’s session didn’t manage to do that and overnight ES has declined again to test the 1mn Support at 3797 again. Price printing time below 3797 would suggest further weakness and a test of the […]

Early in Monday’s session there was a rejected probe of 3851, the v minor (8day) controlling price. See yesterday’s pre-open comments, highlighted. Following that rejection, ES fell quickly to test the 1mn Support at 3797, again see yesterday’s comments. ES then rallied all the way back to 3851. Levels worked well yesterday. Price printing time […]

Dayframe: a v minor (7day) controlling price has emerged at 3851. Price relative to this level at the start of this week is worth monitoring. The 1mn cp is at 3797.00. Price printing time back below this level would be the first sign of weaknes in the ST. In the longer time-frame, ES is in […]