Thursday’s RTH Value Area was generated above 4689.0, the 5 month control. As written yesterday Time printed below that level would be a further indication of weakness and suggest lower. We’ve seen Aggressive Selling (red) this week and a mechanical sign of weakness was triggered on Wednesday with the RTH close below 4729.50 (the 12/27 Buying Day low) so I’m cautious here. Bulls would want to see 4689 quickly recovered.
Pre-RTH today ES has printed as low as 4670 following jobs data.
