ESH7 to Dec. 12, 2016. Daily chart.
ES had a minor pullback yesterday. It was down only 4.25 points. But the daily chart gave the first warning sign that the current rally may start to change its direction.
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Today is the first day of the Fed meeting. ES could continue pulling back into 2245-35 zone or lower if the buyers stay on the sidelines waiting for the Fed announcement tomorrow.
2256.50-59 will remain the first resistance zone for today. A break above it could push ES to retest yesterday’s globex low area 2264.75-68. A failure to move above it, price would make a further decline to test last Friday’s low area 2242.50-39.75 very likely.
Both Daily PMO indicator and Slow STO indicator are overbought. It indicates that ultra-short-term correction is in process.
Support and resistance
Major support levels: 2223-21.50, 2218-16.50, 2205.50-03.50
Major resistance levels: 2259-60.50, 2269.50-70.50, 2282.50-79.50
Outlook
Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish