I wrote on 3rd March in the daily ES analysis that if price was printing below the Major Control there was ‘no obvious Support’. SPY chart may be more useful to illustrate the problem. The Major Control is at 683.75 and SPY hasn’t printed above that since the first few days of this month. The ‘obvious Support’ now is the level of the lows in October and November, around 650.
Although there is no Time Support level (Control) to key from down here, there is the Major Value Area Low (VAL) at 645.5 which ‘might’ attract some falling knife catchers and get a rally started. Nothing ‘safe’ though until a Control of some meaningful degree emerges.
read this post on Substack
