ES declined to briefly test the First Level Support at 4447.0 (1/2R off this year’s high) given in yesterday’s note. Bulls would want this level to hold and certainly the lower, and more important Support at the 4353 Major Control. ST: 5week control has just moved to 4463.50 and price relative to this level is […]

Recent price action has been volatile with Significant Buyers and Sellers both active. Tuesday RTH, ES opened above 4572.5, see yesterday’s pre-open notes, but quickly declined below that level and sold off from there. Weakness has continued through today with price printing below 4480. There is Support at 4447.0 (1/2R off this year’s high) and […]

Aggressive Buying was marked on Monday, see yesterday’s notes. Early in yesterday’s RTH there was a brief test of 4541.5 and ES rallied, again, see yesterday’s notes. ST: Today I’m monitoring price relative to 4572.5. Time above that level would be a further minor positive.

Aggressive Selling (red) was marked on Thursday. New longs eliminated for me, at least until Significant Buying (green) is marked again. ST: I’m watching price relative to 4541.5 (4day). Time above that level would be the first positive at the start of this week.

Early in Thursday’s RTH, ES couldn’t manage a recovery above 4605 (see yesterday’s notes on chart) and that minor sign of weakness played out late in the session with a decline below 4530. Aggressive Selling (red) was marked so new longs are eliminated for me, at least until Significant Buying (green) is marked again.

In the longer time-frame ES is in a strong position if it holds above the major Support at 4353. Mechanically, a RTH close below 4509.75, dashed line, Monday’s Buying Day low, would be the first indication of weakness on this time-frame. In the short-term (today) I’m watching price relative to 4605, the 10day control. If […]

The last six Value Areas were generated entirely above the 4447 Support. ES is in a strong position. Mechanically, a RTH close below 4509.75, dashed line, Monday’s Buying Day low, would be the first indication of weakness.

Last five Value Areas were generated entirely above the 4447 Support. ES in strong position. Mechanically, a RTH close below 4509.75 (dashed line), Monday’s Buying Day low, would be the first indication of weakness.

Last four Value Areas were generated entirely above the 4447 Support. ES in strong position. Mechanically, a RTH close below 4456 (dashed line on chart), Thursday’s Buying Day low, would be the first indication of weakness.

Wednesday and Thursday repeated the rare pattern that we saw as recently as last week, i.e. a Significant Selling Day followed immediately by a Significant Buying Day. See previous comments on chart (highlighted). Last three occasions, the market rallied. First Level Support at 4447.0 has held.