There were two levels to watch on Wednesday and both came into play. I wrote pre-RTH ‘the minor (1month) Control has fallen to 7592.5 and price relative to that level is important to monitor‘. You can see from the chart that ES found it difficult to recover that level once lost (an indication of weakness) and later in the session fell sharply to the Major Support at 7477.50 which was also given in the note. ES rallied back above 7550 from there.
Bulls would want to see 7477.50 hold here – price printing time below that level would be a negative development. ES 7555 might attract time.
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