Wednesday: an intraday rally was rejected at 4777.50, the minor control, see black arrow, and ES sold-off sharply to the more important Support at 4689.0, the 5 month control. Aggressive Selling (red) was marked. The RTH close was below 4729.50, the 12/27 Buying Day low, which is a mechanical sign of weakness, see yesterday’s highlighted comments on chart.
Overnight ES printed below the Support at 4689 but recovered. Time printed below that level would be a further indication of weakness and suggest lower.
