I wrote pre-RTH yesterday ‘There is a minor Control at 7011.50 and price relative to that level is worth monitoring today. I’ll be watching for an early rejection in either direction‘.
ES opened RTH and tested above 7011.50 for less than 2 minutes (arrow on chart) before rejecting the level and heading lower. That was an early rejection, indicating ST weakness, and the major at 6956 was quickly tested – a bounce there but the Support was lost soon after which saw another test of the previous Control at 6907.
read this post on Substack
A rally from there and pre-RTH today ES is printing back at 6956. I also wrote yesterday ‘As long as ES holds the major Control at 6956 it is in a strong position’. We’ll see about that. I’m watching price relative to that level today. Note we haven’t seen a Value Area generated entirely below it for seven days, let’s hope that’s not about to change.
