More time spent at 6956 on Friday – elevating its status to 6mn Control (migrating higher from 6907). Price relative to this level is very important to monitor. read this post on Substack

Development: The 1mn Control has migrated back to 6956. In the ST, price relative to this level is worth monitoring. read this post on Substack In the LT, the levels given yesterday are still active. First of which is the 6-month Support at 6907, see arrows on chart.

ES recovered the 12-month Support at 6845 on Wednesday, which is encouraging. Also the 6-month at 6907. Bulls would want to see 6907 hold or a test of that level recover. Looking for time (a Value Area) to build above 6907 to confirm a more positive view.

ES broke the 12-month Support at 6845 on Tuesday and currently prints below that level in a weak position. A test of the major Value Area Low (VAL) around 6790 might attract Buyers but I would want to see ES back above 6845 before considering long positions. read this post on Substack

I wrote on Friday ‘ES must hold 6956 to maintain a strong position‘. Friday’s session held that Support but events have overtaken and ES suffered a sharp markdown. read this post on Substack The 12-month Support at 6845 has been closely approached overnight, see inset chart. Bulls would definitely want that level to hold or […]

ES must hold 6956 to maintain a strong position, see yesterday’s note, highlighted on chart. read this post on Substack ST: Today there is 6day Resistance at 7007.0 – a break above that could extend.

Development: 1month Control migrated higher to 6956.0. ES must now hold this level to maintain strong position. Looking higher if that happens. First mechanical indication of weakness would be a RTH close below 6945.5, dashed on chart. read this post on Substack

See yesterday’s note, highlighted on chart. Support at 6952 (minor Control). Minor Resistance at 7008.0 – time above that level would be a positive. read this post on Substack

I wrote on 01/08 that a rejected test of 6952 could set up a rally. There was a brief, rejected test of that Support overnight on Monday (see second chart) and ES has rallied strongly. Proven Support now at 6952 and time below that level going forward would be a negative indication. First mechanical indication […]