Nothing changed yesterday. ES still traveled inside last Friday’s range. Both resistance and support are holding. It just kills time and waits for everyone to get back from their summer vacation.

Today could be the same as yesterday’s move. It may try to shake out the weak hands on both sides. We may see a repeat of recent activity: Algo systems take a few trades, run few stops, then stop and reverse again.

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2186.50 to 2172.50 range has been holding in the past few days. The expansion range could be extended from 2205 to 2145. Today we may see a breakout move. But an upside breakout is likely to be fake due to the short-term overbought condition.

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