From Friday’s note ‘on Thursday, Significant Buying (green) was marked and mechanically, the first sign of weakness would now be a RTH close below 6480.75, Thursday’s RTH low‘.
Friday’s RTH actually closed below that level (trapped Buyers) and triggered that indication of weakness (it is rare that a Buying Day will fail immediately the next day).
Last Wednesday’s note said that time below 6465.5 could suggest a test of the Major Control at 6414 and we have now seen that. ES currently prints below that level in a weak position. There’s been a quick change of tone since Thursday.
