Pre-open on 09/21 I identified 3220 as an area of Support. That held last week (+), see Value Areas. Significant Buying was marked twice (+). Monday’s Value Area was higher than any last week (+). Despite the positives I would want to see at least a Value Area printed above the 3370.50 Resistance before considering […]

Pre-open on 09/21 I identified 3220 as an area of Support. That held last week, see Value Areas. Significant Buying was marked twice. Pre-open today ES prints above 3330. Time below that Support, now proven, would indicate further weakness. Stocks>50dyma Nyse 26%, Nasdaq 26%, R2000 23%. Numbers >50 are supportive. Sentiment: 09/25: My version of […]

ChartProfit Chart Book – week ending 25th September 2020

Please read yesterday’s highlighted comments. This week there has been brief tests of the 3220 area of Support but Value Areas have been generated above that level. Price below that, now proven, Support would indicate further weakness. Pre-open today ES prints just above that level. Stocks>50dyma Nyse 22% (unch), Nasdaq 22% (from 23%), R2000 22% […]

On 3rd Sep, there was a day session close below the low of the previous day which was a Buying Day. I call this a “disruption” for the Buyers and it often leads to further weakness. Same thing happened yesterday, with a close below Tuesday’s Buying Day low (dashed line). That’s not good price action. […]

The 3220 area of Support held up well on Monday, see Monday’s pre-open comments, highlighted. Bulls would want to see that level hold. Tuesday’s session generated a higher Value Area and Significant Buying (green) was marked. That’s encouraging but price above the 3370.50 poc would be a stronger position. There is minor Resistance at 3403 […]

The 3220 area of Support held up well yesterday, see yesterday’s pre-open comments, highlighted. Bulls would want to see that level hold but new longs still eliminated, at least until Significant Buying is marked again. Price below 3220 would further weaken the position imo. Stocks>50dyma Nyse 30% (from 48%), Nasdaq 29% (from 41%), R2000 26% […]

Like Thursday, Friday’s Value Area was generated below the 3370.5 poc. Also on Friday, Aggressive Selling was marked, see previous comments highlighted on chart. Overnight and pre-open today, ES has declined sharply. 3220 may be an area of Support (VAL) but new longs still eliminated, at least until Significant Buying is marked again. Stocks>50dyma Nyse […]

ChartProfit Chart Book – week ending 18th September 2020