ES is back in a weak position and once again Bulls would want to see the 4689 Control recovered as quickly as possible.
Wednesday’s Value Area was generated above the 4689 control which was an encouraging development but Sellers (red) returned on Thursday auctioning ES back below that important level. The pre-RTH low today has seen 4607 tested.
The 3mn Value Area Low is at 4597 (dashed line) and if the current distribution is still valid a fast rejection at that level would be expected. Acceptance (time) there or lower would be a further indication of weakness.
