Once again ES took a dive during overnight trading, but managed to bounce back and regain all the lost territory for a move to a higher level. At the end ES had a 9.75 point gain for closing.
Up to now ES remains inside its broad consolidation range from 2115.50 to 2035. But soon it will be time to make a decision on a breakout. Otherwise time will run out the favorable season for stocks and the buyers may just walk away.
Today in the early morning the Jobless claims report may influence the price movement. The ES needs to break thought the 2105.50-2107 resistance zone to start moving higher toward the 2115.50-21.50 zone. A failure to break could lead the ES to have a minor pullback down near 2090.50-92 zone.
Our traders need to wait for confirmation of any upside breakout move before following the breakout direction. I expect this upside breakout may be the last one for the first half of the year.