Over the weekend, investors digested the speeches and remarks from various Fed officials and realized that “when” to raise interest rate will be an major issue for the Fed. Fear subsided, the ES regained its footing and rallied back up to its Friday’s breakdown level, and recovered most of the previous loss.

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Today 2183.50 will be a key zone. ES already regains control of the 20-day moving average line. As long as it stays above 2172.50, the odds will favor the upside and will still try to push the price up near the 2200 level.

But there is also a chance the ES could move back down to fill 2168.50 (yesterday’s gap) if the price fails to move above the key zone 2183.50.

We are in the usually bullish ending and beginning of the month. The bullish bias will last until after the Labour Day holiday. Focus on scalping the long side for short-time period trades today.

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