Overnight on Tuesday the Resistance at 4396 (major controlling price) was briefly tested. As I’ve been writing, I want to see price above that level before considering new longs.

Overnight the Resistance at 4396 (major controlling price) was briefly tested. As I’ve been writing, I want to see price above that level before considering new longs.

I’d want to see price above 4396, the major controlling price, before considering new longs.

Current situation:4396 is the major controlling price and ES remains in a weak position below that price. Possible development:If more time is spent in the shaded area around 4340 then the controlling price could potentially fall, e.g. if 4345 became attractive the c/p could migrate lower to that price. That would be an important development […]

Respecting the volatility I’d want to see ES printing above Support which it isn’t right now. First obvious level is 4345 (25dy) which is currently Resistance. Above that, and more importantly, the major at 4396. Even then, I’d want Significant Buying (green) to be marked before considering new longs.

the major controlling price shifted to 4396 last week and subsequently ES couldn’t print above it, a clear sign of weakness as described. No obvious Support – need more market generated information.

below the major controlling price Two most recent Value Areas have been generated entirely below 4396, the major controlling price, which I have said is a weak position. Where ES prints currently I am not looking at the the long side – it would need to recover that level at least.

..has bounced but remains in weak position below the major control On Thursday the major poc migrated to 4396, see Friday’s pre-RTH notes. I wrote “This is not necessarily a bullish or bearish development but price relative to that level is now the focus, and critical. above/below = strong/weak on the longer time-frame”. Friday’s Value […]

Major reference level has moved The major poc has migrated higher from 4354, to 4396. This is not necessarily a bullish or bullish development but price relative to that level is now the focus, and critical. above/below = strong/weak on the longer time-frame.

The VAH, dashed line on chart, was probed last week and the week before – both rejected, see comments 2nd Feb, on chart. In Summary, ES has tested the VAH and now the poc at 4354, of the major distribution. Bulls would want to see that Support hold; time spent below 4354 would be a […]