Nothing comes easy in life, nor does the 2200 level for the ES. When everyone hopes ES will move higher, the profit taking occurs. The 2192 level rejected ES two times.
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ES sold off 15.75 points yesterday. It is not a big deal by comparison to the 210 point rally from the June 28 low at 1981.50, or the 133 points loss on the same date last August.
The game will continue. The 20-day moving average will be the key line. It held up yesterday. But if it fails to hold today, it could trigger another sell-off and push price down toward the 40-day moving average line around 2156, which would suggest a short-term correction may be on the way soon.
The daily Slow STO indicator still points to a short-term overbought condition. Daily PMO indicator still moves down, which states internal weakness and more pullback should be expected in today’s early session. Short on early bounce, buy later in the session if there is a recovery.
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