I wrote yesterday ‘It is now critically important to monitor price relative to the 6702.5 Control – Bulls would want price printing time back above that Level’. You can see from the chart that ES struggled to recover that level in Monday’s RTH.
The Control has now migrated lower (on some minor time-frames) to 6669.0, and that is the first level that ES now needs to recover to indicate some strength. Overnight, ES declined to test 6609 which is the new VAL (Value Area Low), and has bounced a little which is a hint that Buyers may emerge today – but no new longs for me below 6669.0.
