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.
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