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.
This section contains the detailed buy/sell levels for Tuesday. It is reserved for paid subscribers
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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
Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish