The minor Control is at 7412.50 and I wrote on Monday that ‘price relative to that level is worth monitoring at the start of this week‘. Note that ES spent most time on Monday very close to that level. When the market is ‘nervous’ ahead of a risk event it will often print close to the local Control. I suspect that is what’s happening here with the event being Nvidia earnings scheduled for release tomorrow.
I have bullish targets, see note 04/17, and a test of 7300 on news wouldn’t necessarily upset that but, as I wrote 05/14 ‘the first ST mechanical indication of weakness would now be a RTH close below Wednesday’s Buying Day Low at 7399.0 (dashed on chart)’.
