Weakening price action this week. Firstly on Monday – ES could not print above the 10dy Control at 6895.5, see note 11/03. Then on Tuesday, when ES closed RTH below 6877.0, the Buying Day Low on 10/27, see note 10/28. I wrote 10/21 ‘as long as ES holds the Control at 6711 it is in a strong position‘ – the decline overnight has seen ES print as low as 6712.25, and as I wrote on Wednesday, ‘Bulls would want that Support to hold or recover a test quickly. Time below that level would indicate weakness on the longer timeframe‘.
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