I wrote yesterday that ‘a little more time around 7555 and the Major Control would migrate to that level. Watching for that as it would likely signal a new directional move is imminent‘. That didn’t happen yet but ES remains in a strong position – as I wrote 07/08 ‘the Major Control Support at 7448.5 and the 1/2R off June high at 7493 (dashed line), have been tested and recovered overnight. Bulls would want those levels to hold‘.
The first mechanical indication of weakness would now be a RTH close below 7529.5, yesterday’s Buying Day Low (dotted line).
