ESH7 to Dec. 13, 2016. Daily chart.
Yesterday ES reached its first monthly range breakout target at 2172.75 level and moved higher by one tick. The short-term uptrend gets steep and steeper. Today we may see some pullback after the FOMC announcement. But any retracement still will be very short.
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The 2275.50-73.50 range will need to be watched carefully today. A failure to move above it could lead the price to pull back to yesterday’s low at 2259.50 or lower to 2250 level.
2250-45.50 will be a benchmark support zone. As long as this range holds up ES, the rally should resume.
The FOMC announcement will be at 2pm. The Fed statement will be very important. Dovish language about the possibility of more rate hikes next year may encourage the buyers. A break above 2180 level could push ES to the next major destination at 2300-13.50 zone in the following day.
Daily PMO indicator get more overbought. But it still points out that bulls are strong and remain in the driver’s seat.
Support and resistance
Major support levels: 2250-48.50, 2232-29.50, 2223-21.50, 2218-16.50
Major resistance levels: 2279.50-78.50, 2288.50-89.50, 2295.50-96.50
Outlook
Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish