The front month has rolled to March but for the sake of my current analysis I’m sticking with the Dec contract this week. Please see previous, highlighted notes on chart. Last week Significant Selling (red) was marked three times and I wrote on Thursday ‘Sellers are in Control of ST‘. On Friday I wrote ‘Unless Sellers make an impression soon, Buyers will step back in‘. ES stayed close to 6061.50 ahead of the Fed rate decision as I suggested it might but later Sellers certainly made an impression.
The Major Control is at 5766 and this could come into play as Support on a further decline. A dip like this in a major uptrend can be a buying opportunity, but I would want to see Significant and Effective Buying activity (green) marked above 6022 before considering new longs.
