I wrote on Monday ‘during Friday’s session the 10-day Control migrated to 6478 and price relative to that level is now important to watch at the start of this week. Time below 6478 would indicate a test of the 2-month Support at 6404.5‘.
That played out and ES has printed as low as 6409 overnight with Significant Selling (red) being marked. Time below that Support would indicate further weakness and a test of the more important Support at 6303.
From Note 08/13 – ‘First mechanical indication of weakness would now be a RTH close below 6408.50‘.
