ES is holding 5647, the 1mn Control, see yesterday’s note. Price printing time below that level would be first indication of weakness in the ST.
Summary of recent price action:
Early in May the major Control migrated higher to 5635. ES subsequently tested this level and recovered. That’s usually a positive indication.
The 1/2R off high at 5533.25 (dashed line on Chart 2) was Resistance in April but has been recovered.
Since the higher low in April, Significant Buying (green on Chart 1) has been marked 4 times and there has not been a subsequent RTH close below any Buying Day Low. Significant Selling (red) has not been marked.
The technical Daily trend is up – blue above red.
The last two Fridays have closed strong relative to the rest of the week.
