ES was down in the morning session, up in the afternoon. It gapped down at open, and kept declining into the 20-day moving average line. After lunch and the release of the FOMC minutes it recovered all of the loss and closed with a three-point gain.

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The minor pullback is healthy for the short-term. It could be over and the rally possibly resume today if price is holds above 2180 during overnight trading.

The Index August option will expire tonight. 2190-2200 will remain the upside option expiration target. But tomorrow ES may reverse from today’s high for profit taking.

If ES fails to move above 2183.50 it could pull back to retest yesterday’s low and search for support. But the 20-day moving average line should still hold the price up.

Outlook

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