I wrote yesterday that a ‘minor Control has emerged at 6912.5. Price relative to that level would be useful to monitor today‘. You can see that Thursday RTH highs were capped by that Resistance. Overnight ES has recovered and has once again tested that level.
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I’ve also been noting that that first sign of mechanical weakness would be a RTH close below 6877.0 (dashed line on chart), Monday’s Buying Day Low. Strictly speaking that happened yesterday but it was marginal, see chart. Friday’s price action is often key – we’ll see – I’m cautiously optimistic but those gaps on the SPY chart mentioned yesterday are still in place.
