ES gapped up at open, and managed to hold the gap unfilled. The price action was still bullish, and made a new all-time high, but the volume was light. At the end, ES closed 5.75 points above last Friday’s close.
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Watch the 2185.25-84 zone today. This is last week’s high area. As long as this zone holds the price up, buyers will keep pushing the market back near or above yesterday’s high trying to reach 2200-03.50.
But the short-term is extremely overbought. It needs to retrace and release the overbought pressure to bring new buyers in.
2175 will be the first support level. A move below it could lead ES to retest 20 ema (daily) support line at 2165, which we would consider as a healthy minor pullback. At that level new buyers will enter for scalping trades.
Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish
Support and resistance
Major support levels: 2162-64, 2152-54, 2120-21, 2112-14.50
Major resistance levels: 2193.50-90.75, 2195.50-97.50, 2202.50-05.50