chartprofit

#ES_F #FUTURES Trader since 1985. Technical analysis, charts, market profile. Nothing here is advice. Fun and educational purposes only.

[chartprofit @chartprofit]

#ES_F There were 2 levels to watch on Wed & both came into play. I wrote pre-RTH 'the minor Control has fallen to 7592.5 & price relative to that level is important to monitor'. You can see from the chart that ES found it difficult to recover that level once lost.. more on chart

[chartprofit @chartprofit]

#ES_F I wrote 08/05 'The first sign of mechanical weakness would now be a RTH close below 7656.0', the Buying Day Low on 08/04 (dashed line on chart). That hasn't happened yet but ES needs to recover 7769 before I will assume this dip is over - that is the... more on chart

[chartprofit @chartprofit]

#ES_F I wrote pre-RTH 08/17 'If ES prints above the Minor (4wk) Control at 7769 it is in a strong ST position'. That Support was broken later on 17th and has not been recovered.
I wrote 08/05 'The first sign of mechanical weakness would now be a RTH close below... more on chart

[chartprofit @chartprofit]

#ES_F I wrote 08/05 'The first sign of mechanical weakness would now be a RTH close below 7656.0, yesterday's Buying Day Low (dashed line on chart)'.
ST: If ES prints above the Minor Control at 7769 it is in a strong ST position.
LT: If ES prints above... more on chart

[chartprofit @chartprofit]

#ES_F has been in a strong position since 30th July when it recovered the Major Control at 7448.50.
I wrote on 08/05 'The first sign of mechanical weakness would now be a RTH close below 7656.0, yesterday's Buying Day Low (dashed line on chart)'. Since then ES... more on chart

[chartprofit @chartprofit]

#ES_F Significant Buying was marked on Monday and again yesterday. The first sign of mechanical weakness would now be a RTH close below 7656.0, yesterday's Buying Day Low (dashed line on chart), this has moved higher from 7542.75, see chart and yesterday's note.

[chartprofit @chartprofit]

#ES_F I wrote yesterday that 'ES is in a stronger position'. ES had a very constructive day yesterday; Significant Buying was marked and now the first sign of mechanical weakness would be a RTH close below 7542.75, yesterday's Buying Day Low (dashed line on chart).. more on chart

[chartprofit @chartprofit]

#ES_F I wrote on Friday that the Major Control at 7448.5 was 'now Support' and ES would be 'in a stronger position if it holds'. I also wrote that 7514.5 was 'minor Resistance today'.
Both levels came into play - first a rejected test of the Resistance; then a.. more on chart

[chartprofit @chartprofit]

#ES_F I wrote yesterday that price relative to the Major Control at 7448.5 was important to monitor. That Resistance (now Support) was recovered yesterday which puts ES in a stronger position if it holds.
Development: The minor (1mn) Control is at 7514.5. This is minor Resistance

[chartprofit @chartprofit]

#ES_F I wrote 07/20 'Bulls would regain Control if ES can print time back above the Major at 7556.5. Subsequently, there was a brief (minutes) rejected test of that Resistance on 07/22 and ES has printed lower since then.
Development: on 27th July the Maj... more on chart

[chartprofit @chartprofit]

#ES_F I wrote early last week that 'The first mechanical indication of weakness would be a RTH close below 7552.75' 07/10 Buying Day Low. Friday's RTH close was below that level. Bulls would regain ST Control if ES can print time back above the Major at 7556.5.

[chartprofit @chartprofit]

#ES_F I wrote yesterday 'to maintain its strong position, ES has to hold the Major Control at 7556.5 (or recover a test quickly)'. Overnight, ES broke that level and declined quickly. Post-RTH Open today, ES has printed below 7480. Can the Bulls recover the Major Control?

[chartprofit @chartprofit]

#ES_F LT: to maintain its strong position, ES has to hold the Maj Control at 7556.5 (or recover a test quickly).
ST: as per yday's note, price relative to 7598 is worth monitoring.
First mechanical indication of weakness would be a RTH close below 7552.75 ...more on chart

[chartprofit @chartprofit]

#ES_F Development: the Major Control has migrated higher to 7556.5. Bulls would want this to hold or recover a test quickly.
ST: On Monday ES held the minor Support given in the pre-open note. That's good. Today, price relative to 7598 (v. min. Control) is worth monitoring.

[chartprofit @chartprofit]

#ES_F remains in a strong position. LT: the Major Control Support at 7448.5 was held last week and daily Values Areas have been generated above that level for the past two weeks.
ST: There is also minor (3week) Support 7552.5 which came into play last week and the.. more on chart

[chartprofit @chartprofit]

#ES_F remains in strong position - I wrote 07/08 'the Major Control Support at 7448.5 & 1/2R off June high at 7493 have been tested & recovered. Bulls would want those levels to hold'. The first mechanical indication of weakness = a RTH close below 7529.5, yday's Buying Day Low.

[chartprofit @chartprofit]

#ES_F A little more time around 7555 and the Major Control would migrate to that level. Watching for that as it would likely signal a new directional move is imminent.

[chartprofit @chartprofit]

#ES_F ST: I wrote yday that 'the first mechanical sign of weakness in the ST would now be a RTH close below 7552.5, Monday's Buying Day Low'. The RTH close on Tue was 7552.0.
LT: Maj Control Support at 7448.5 & the 1/2R off June high at 7493, were tested and recovered overnight.

[chartprofit @chartprofit]

#ES_F ST: v min Control at 7560.5. Price post-RTH open today worth monitoring.
LT: 1/2R Support off June high is at 7493 (dashed line). The first mechanical sign of weakness would be a RTH close below 7409 (dotted line), 06/29 Buying Day Low. Major Control Support at 7448.5

[chartprofit @chartprofit]

#ES_F is in a much stronger position than last week - it has recovered both the Major Control at 7448.5 and the 1/2R off June high at 7493, now Support (dashed line). The first mechanical sign of weakness would be a RTH close below 7409 (dotted line), Monday's Buying Day Low.

[chartprofit @chartprofit]

#ES_F Pre-RTH today ES is printing >7448.5, the Major Control, trying to recover a stronger position. Resistance remains at 7493 (dashed line on chart) the 1/2R Resistance off June high. As I wrote on Friday, 'I would want both levels to be recovered before looking at new longs'.