I wrote yesterday that ‘the first mechanical indication of weakness would be a RTH close below Monday’s Buying Day Low of 7758.25‘. Strictly speaking that happened but it was very close – see the dashed line on the chart and see where yesterday’s RTH ended. Also yesterday’s RTH closed well off the session low and as I also wrote yesterday ‘looking for the Bulls to respond again here and hold this rally together‘ – I give the Bulls the benefit of any doubt here.
Development: the minor Control migrated lower to 7762 – pre-RTH ES is printing above that level. Until the evidence swings back to the Bears (i.e. time below 7762) the bullish target of 7970 and probably above 8000 is still indicated.
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