ESM6 April 12, 2016. Daily chart.
ES managed to hold above the 2030 level in the early sessions and later broke above 2050 to close near the high of the daily range. 2050 is the daily/weekly/monthly pivot area; if the ES holds above it we may see 2070 on expiration day
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April option expiration week is usually bullish, and given the recent bullish trend, traders shouldn’t fight it, especially after the market broke above 2050 and made a high higher than Monday. It will give odds the impression the ES intends to go higher.
Today we may see a minor pullback near 2050-48 area during the early sessions and go back up in later sessions.
The SST indicator fast line crosses above slow line to give a buy signal, and the PMO indicator is also going to turn up again. Both indicate that Bulls are taking a control. “Buy on dip” strategy should be used today.
Outlook
Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish
Support and resistance
Major support levels: 2021-23.50, 2009-07.50, 2000.50-03.50
Major resistance levels: 2051-52, 2064-62.50, 2075-77, 2085-88, 2098-2100