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Positive price action off last week's low.01/15. The 6mn Control was recovered, see note 16th Jan.01/17. Value Area generated above 1/2R off Dec high, see note 17th Jan.01/20. The major Control migrated back to 6022.50, see note 21st Jan.01/21. VA … [Continue reading]
As noted yesterday 'the major Control migrated back to 6022.50'. Tuesday's Value Area was generated entirely above that level which is a further positive. Effective Buying (green) was marked - first mechanical sign of weakness would now be a RTH … [Continue reading]
On Friday I wrote "If Bulls have regained control then 5994 will act as Support if tested". After RTH yesterday there was a sharp sell-off - the low came in 5994.50 and ES has recovered strongly. Also, the major Control has migrated back to … [Continue reading]
Two consecutive Value Areas have been generated entirely above 5948 (6mn Control). This is a sign of strength. If today's VA is generated above 5994 (1/2R off Dec high) that would be a further positive. If Bulls have regained Control then 5994 … [Continue reading]
The 3mn Control (now 6mn) migrated lower to 5948 on 9th Jan. Yesterday's Value Area was generated entirely above that level which is a stronger position. If Bulls are reclaiming control, 5948 will act as Support if tested. … [Continue reading]
See previous notes on chart. Major Support is at 5635. Today: ES will open RTH above 5862.0 which is v. minor Support. Time back below that level would indicate a retest of yesterday's low, 5809. … [Continue reading]
I wrote on 9th Jan that 'Time below 5948 could precede a test below 5860', see previous notes on chart. At the start of this week ES is in a weak position and as I wrote on Friday, I'm not considering new longs unless that level is recovered. … [Continue reading]
I wrote yesterday'ST Control moved slightly lower to 5948. Time below that level could precede a test below 5860'. Next?There's been development: The 3mn Control migrated lower to 5948 (from 6022.50). Bulls would want to see this level recovered … [Continue reading]
ST Control moved slightly lower to 5948. Time below that level could precede a test below 5860. Bulls would want to see 6022.50 exceeded. … [Continue reading]
On 3rd Jan I wrote 'I'm looking for Effective Buying (green) marked above 6022.5 (3mn Control) before considering new longs'. In Tuesday's session we saw the opposite, i.e. Effective Selling (red) marked below that level and currently ES is … [Continue reading]