Daily analysis - Stock Market, Bonds, Forex and more
ES tested the daily 20ema (as expected) and recovered, see Thursday's note, highlighted on chart. I wrote Friday 'Buyers need to recover 6671 or further weakness would be indicated'- that's what happened so for now, last week's price action looks … [Continue reading]
Thursday: The ST Control at 6671 capped the upside of the session and subsequently ES declined to test the daily 20ema, see yesterday's note, highlighted on chart.Today: Early in today's session ES recovered the 6671 Control but gave it back; 2 hours … [Continue reading]
I wrote Tuesday that the ‘first mechanical indication of weakness would now be a RTH close below 6705.75, Monday’s Buying Day Low’ (dashed line). That happened yesterday. My usual expectation would now be a test of the 20ema (daily) which is at 6635 … [Continue reading]
I wrote Tuesday that the 'first mechanical indication of weakness would now be a RTH close below 6705.75, Monday's Buying Day Low' (dashed line on chart). That hasn't happened yet.Today: In the ST there is v min. Support at 6718.5. Further upside … [Continue reading]
ES reached the ST target at 6743.5 on Monday. The targets will often be rejected once hit. This hasn't, and Significant Buying (green) was marked again so the first mechanical indication of weakness would now be a RTH close below 6705.75, Monday's … [Continue reading]
Note that I have adjusted the chart for Dec 25 contract.On this chart the ST Control migrated higher to 6671 late last week.The Major Control is at 6481.5 but there is also Major Support on Dec at 6524.5.If ES holds 6671 then ST target is … [Continue reading]
Last four Value Areas have been printed entirely above the ST Control at 6592 which is a positive. Bulls would want to see that continue. If it does I'm targeting 6700-6715 but with volatility expected (big options expiry day today) another test of … [Continue reading]
I wrote yesterday 'Ahead of the Fed decision today ES may want to revisit the ST Control at 6592, but a break to a new high at any time would move the ST upside target to 6700.' The 6592 ST Control was tested (in a volatile dip and recovery ES … [Continue reading]
ES exceeded the 6625 ST target overnight on Tuesday (dashed line). I wrote that if 6625 was reached it might mark 'a level of temporary exhaustion' (09/12) and little time has been spent at or above that level since it was tested. Ahead of the Fed … [Continue reading]
I wrote that if the 6625 target was reached it might mark 'a level of temporary exhaustion' (09/12) in a trend that is showing 'no indications of weakness on any timeframe' (09/10). Overnight, ES exceeded 6635. Time printed above 6625 would … [Continue reading]