Since early September we’ve seen ES responding negatively on minor timeframes as controlling prices migrate lower. Now that’s happened on a higher timeframe – the 5mn migrated to 4353 yesterday and ES sold off. This clears the picture and I can now remove other levels from the chart. If ES prints below that level, as it is currently, it is in a weak position. I wrote on 09/15 that there had been “a change in tone and a pattern Bulls would want to see reverting” – that still hasn’t happened.
