Three consecutive Value Areas printed entirely above the Major Control at 6853. That’s a big positive in the longer term and a level of strong Support now. ES has rallied so quickly this week it has not developed Points of Control (time at price) of any significant degree to establish minor, but still meaningful, Support levels. It will though.
read this post on Substack
LT Bullish scenario: If ES can hold 6853 as Support (SPY 683.25) it could set up ES 7750 (SPY 750) as a target.
Where would that go wrong? In the ST, price back below January’s high at ES 7096.5 (SPY 697.84) could indicate a false breakout (Bull trap). In the LT, price back below the Majors would not bode well, as I wrote yesterday.
