ST price action has been weak for a while but now with price below 4411.50 we now have to consider rejection of the Value Area High at 4537, on the longer time-frame, see chart and note 07/17. With Significant Selling marked last three days, I’m cautious in ST as well. As per Wednesday’s note I’m “Not looking at new longs yet, at a minimum I would want ES printing time above 4490“.
