pre-open on 27th I wrote “time below 3797 would suggest further weakness and a test of the longer-term Support at 3672”. Overnight that Support has been tested with ES printing as low as 3656. From the test ES has rallied to 3750. Price printing back below 3672 would suggest LT Support is breaking down and […]

ChartProfit Chart Book – week ending 29th January 2021

Interesting development on Thursday. The Selling on Wednesday did not see any further downside and enough time was spent at 3796.00 to lift the 5mn controlling price to that level. As long as ES prints above 3796 it is in a strong position – but could be subject to further weakness if it isn’t. Pre-open […]

In Wednesday’s pre-open comments I said “Price printing time below 3797 would suggest further weakness and a test of the longer-term Support at 3672”. Early in the session there was a rejected probe at that 1mn controlling price and ES declined sharply. Aggressive Selling (red) was marked for the first time since mid November. New […]

In Tuesday’s pre-open comments I said “price printing time above 3851 would suggest further strength but that hasn’t happened yet”. Wednesday’s session didn’t manage to do that and overnight ES has declined again to test the 1mn Support at 3797 again. Price printing time below 3797 would suggest further weakness and a test of the […]

Early in Monday’s session there was a rejected probe of 3851, the v minor (8day) controlling price. See yesterday’s pre-open comments, highlighted. Following that rejection, ES fell quickly to test the 1mn Support at 3797, again see yesterday’s comments. ES then rallied all the way back to 3851. Levels worked well yesterday. Price printing time […]

Dayframe: a v minor (7day) controlling price has emerged at 3851. Price relative to this level at the start of this week is worth monitoring. The 1mn cp is at 3797.00. Price printing time back below this level would be the first sign of weaknes in the ST. In the longer time-frame, ES is in […]

The 1mn controlling price migrated to 3797.00 last week, see previous, highlighted comments. In the ST, price printing time back below 3797 would be the first sign of weakness. In the longer time-frame, ES is in a strong position if it holds above 3672. Stocks>50dyma Nyse 78% (from 82%), Nasdaq 88% (unch), R2000 84% (from […]

The 1mn controlling price migrated to 3797.00 last week, see previous, highlighted comments. During Tuesday’s session ES rallied to find Resistance at that level, see chart. Wednesday was strongly higher and Aggressive Buying (green) was marked. In the ST, price printing time back below 3797 would be the first sign of weakness. In the longer […]

The 1mn controlling price migrated to 3797.00 last week, see previous, highlighted comments. On Friday we saw a day-session close below 3783 which was the low of last Wednesday’s Buying Day and that is usually a sign of weakness in the ST. During yesterday’s session ES rallied to the Resistance at 3797 but did not […]