Daily analysis - Stock Market, Bonds, Forex and more
Technical oscillators on the Weekly Charts, e.g. the popular Relative Strength Index (RSI), have been negatively diverging with price action over the past few weeks, see weekly SPY chart below. Personally, I think these 'indicators' are of … [Continue reading]
On Monday ES dipped briefly below First Support at 5771.50 but recovered quickly. For 8 days ES has been trading in a tight range, and generating narrow individual Value Areas, day to day. This often precedes a strong directional move that … [Continue reading]
First Support moved to 5771.50 on 09/25, see note 09/26. That has held so far. From note 09/24 'Price above 5830 though and the trend might start to get exhausted'. Effective Selling was last marked 09/03 - nothing since then. … [Continue reading]
First Support (1 month) moved up to 5771.50. Time below that level would be first sign of weakness. As I wrote on Tuesday, 'Price above 5830 though and the trend might start to get exhausted'. … [Continue reading]
On Thursday I wrote that First Support is at 5696 (Dec contract). As long as ES holds that level I said that further upside would be indicated. Price above 5830 though and the trend might start to get exhausted. … [Continue reading]
On Tuesday I wrote, It is now important for Bulls that ES recovers 5635 but time above that level would indicate further upside. That was based on the Sep contract and ES is printing above that level in a stronger position. For the Dec contract … [Continue reading]
Development - as of Friday the 5mn Control has moved to 5635. Following that development, upside targets are less clear or reliable, and best Support I have is back at the 1/2R at 5420. It is now important for Bulls that ES recovers 5635 (pre-RTH ES … [Continue reading]
LT - if the Control at 5534 holds then I'm targeting 5770.ST - today, ES may want to retest the v minor Support at 5569.50 but if it breaks early above 5618 then previous Resistance at 5635 could be tested again. Price printing time above that level … [Continue reading]
error in yesterday's note 19th August I wrote that I was targeting 5790. The target was updated in yesterday's note but there was a typo. I wrote: the Control (5mn) has migrated to 5534 - this is now First Support and as long as that level … [Continue reading]
On Wednesday there was a brief test of the 1/2R Support at 5420 and ES then rallied strongly, see note 09/05. The Resistance at 5523 was then recovered, see note 09/09. Even more importantly, the Control (5mn) has migrated to 5534 - this is now First … [Continue reading]