Daily analysis - Stock Market, Bonds, Forex and more
Aggressive Selling (red) has been marked twice in last four days and ES prints below 4353, the Major Control, which is a weak position, see previous notes on chart. ST: If 4213 (minor control) Support can be held I'll look for a rally back to 4353 … [Continue reading]
from Previous notes: If ES is printing below the 4353 Control it is in a weak position. Time spent close to 4200 would represent acceptance and indicate a new LT distribution had begun which would be down, i.e. confirming a major change of … [Continue reading]
From yesterday's note - "The Value Area Low of the LT price distribution is around 4200. A rejected test would be interesting but price acceptance at the VAL would be a further negative". There was in fact a rejected test of 4200 (dashed blue) but I … [Continue reading]
On Friday ES broke below the Major Control at 4353 and declined sharply which is a negative development. I have been writing that "Time below that Support would be an indication of weakness on the longer time-frame."For a strong position to be … [Continue reading]
Thursday RTH was a weak session. An early probe above 4500 and ES sold-off quickly with most of the session Value Area being generated below the 4447 Support (1/2R off this year's high - dashed). The more important Support at 4353 (major poc) has … [Continue reading]
Wednesday's RTH Value Area was generated above 4447 (1/2R off this year's high - dashed). That's a stronger position; see yesterday's note on chart. There was a brief, rejected test of that Support in the pm and currently ES prints above 4490. Bulls … [Continue reading]
The Major Control is at 4353. The low on Sunday was 4355.50. On Tuesday, ES opened RTH below 4397 (minor control) and quickly rallied rejecting that level, a minor sign of strength, see yesterday's note. The Resistance at 4447 (1/2R off this … [Continue reading]
Value Areas last week were generated below 4447 (1/2R off this year's high) indicating that a test of the Major Control at 4353 was likley. The low on Sunday was 4355.50, just above the Control. Price printing time below that level would be a … [Continue reading]
Monday and Tuesday Value Areas generated below 4447 indicates the more important Support at 4353 (Major Control) is likely to be tested. Longer-term bulls would want to see price holding that lower Support. … [Continue reading]
On Monday the First Level Support at 4447.0 (1/2R off this year's high) was broken, having held on two tests last week. Monday's Value Area was generated below that level which indicates that the more important Support at 4353 (Major Control) is … [Continue reading]