E-mini S&P 500 futures ESM25 23rd May 2025

ST price action changed on Wednesday. See Thursday's note - I wrote: 'Wednesday's RTH close was below the Buying Day Lows of 16th and 15th. This is the first mechanical sign of weakness in a month'.

Yesterday (Thursday) ES consolidated near Wednesday's low in a tight range, that's not positive. ES has declined further overnight to print below 5760.

ST Development: The 15day Control migrated lower to 5867.5. Bulls would want to see that level recovered asap.