Daily analysis - Stock Market, Bonds, Forex and more
Significant Buying (green) was marked on Monday and that usually indicates higher in the ST - but ES is in a weak position - see previous notes on chart. Holding 3894.0 post RTH open would be constructive. If not, I'd be targeting 3765.0. … [Continue reading]
This week there has been a rejected test of the 4152 Resistance and a subsequent break below Support at 4000 (1/2R). The 3mn Control then migrated lower to 3957 and currently price prints below that level as well. Weak position. … [Continue reading]
Following the fast rejection of the LT Resistance at 4152 on Tuesday pre-RTH, ES declined below 4000 (1/2R Support) and is currently in a weak position on both LT and ST timeframes. The 3mn Control has just migrated lower to 3957.0 and price … [Continue reading]
On Tuesday the LT Resistance at 4152 was briefly tested. On the Sep contract this was for less than one minute and fast rejection. As I wrote yesterday "Important to see if rejection here continues or whether price can be accepted at that level - for … [Continue reading]
ES Futures (Sept) spent less than 1 min above the LT Resistance at 4152. Fast rejection. Important to see if rejection here continues or whether price can be accepted at that level - for now the safest assumption is rejection. … [Continue reading]
Now following Dec contract. On Thursday there was a rejected test of the 3957 (2mn) Support (arrowed) - ES rallied from there and ended the week strong. There is LT Resistance at 4152 (7mn). Price above that level would indicate strength on that … [Continue reading]
On Thursday there was an early, rejected test of the 3957 (2mn) Support, see yesterday's note, and ES rallied above the Resistance at 3984 (1/2R off June low). That's a solid performance on the daily timeframe. On the longer timeframe Resistance … [Continue reading]
ES testing the Resistance at 3984, the 1/2R off the June low (dashed line). Time above that level would be a stronger ST position. Interestingly, the 2mn migrated to 3957 and is potential Support today. Failure here and downside target is still … [Continue reading]
ES failed to recover 4152 (7mn Control) late Aug and same now with 3984, the 1/2R off the June low (dashed line on chart). Weak price action & weak position. I expect 3816 to be tested if ES remains below 3984. … [Continue reading]
LT: ES is in a weak position below 4152 (7mn Control). First Level Resistance is 3984, the 1/2R off the June low (dashed line). ST: If ES fails to hold minor Support 3932.5 (1mn Control) I would expect a test of 3816. … [Continue reading]