The control of the major price distribution which began more than two years ago is at 4136.5 (30-minute timeframe). The distribution “looks” complete, but it may not be. A rejection of the current VAL at 3705 and a rally would be a big clue that the distribution is still developing. Time spent at current levels or lower would indicate a new major distribution (down) has begun. See highlighted note from 06/17 on chart (when ES was previously at this level). First Resistance at 3777.0 (4month). No obvious Support.
