I wrote on 10/26 ‘ES 7635-7640 is an area of price that could support a reversal which would be indicated by a test into that zone and a fast rejection’. See also note on 10/07, highlighted on chart. Today ES has tested that level.
And, importantly, I also wrote that ‘Acceptance (time) at those levels would likely indicate the opposite and suggest lower’.
And again from the note on 10/26 ‘LT: In any case if ES is printing below the 4mn Control at 7743.5 it is in a weak position and new longs would be risky. Weekly lows have been printed on Fridays for the last two weeks – this is often a weak pattern and Bulls need to see that change.’
