ES bounced from its early red to regain control of the broken support line at 2088.75 by closing above it. Today the earnings season rages on, with continuing attention from traders and investors; we also have the release of China GDP report today.

Based on the daily chart, the ES still traveled inside the “wedge” pattern. Today may be the time for a breakout. A move above 2098.50 will be bullish and could push ES to challenge March’s high area. A break below yesterday’s low 2075 area could push price down toward 2065-60 zone.

The daily 20- and 40-ema lines will be very important for today’s trading. As long as they hold up, the odds favor upside and the ES is likely to move to a higher level.

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