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 […]

Support at 4354 held so far. 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 […]

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, see below, of the major distribution. I’ve shown the price action since Friday RTH close and you can see that earlier […]

The VAH, dashed line on chart blow, was probed last week and rejected – and again this week. I’ve been writing that “Acceptance (time) at this level or higher would be an indication that we are in a new distribution up”. The last 9 Value Areas have been printed above the Major Control at 4354 […]

The VAH, dashed line on chart, was probed last week (rejected) and again yesterday. Acceptance (time) at this level or higher would be an indication that we are in a new distribution up. The last 8 Value Areas have been printed above the Major Control at 4354 – that’s a positive. In the ST: The […]