ES made a continuation high move by successfully holding above the 2200 psychology support line.
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Today 2207.75-2206.50 zone will be the key zone. Holding above it could lead ES to make new highs near the 2218.50-23.50 zone. A failure to hold up this key zone could lead ES back down yesterday’s low area.
In any case the buyers will defend the 2200 support line.
Because Wednesday’s option expiration, a little choppiness should be expected. Also the rollover of the futures contract will start soon. Any pop up likely will meet sellers and any dip will likely be bought.
The daily PMO indicator continues to accelerate, and the slow STO indicator also turns up. Both hint that bulls remain in the driver’s seat.
Buy on dip will continue to be seen. Traders should pay attention at major support and buy on dip.
Support and resistance
Major support levels: 2183-81, 2172-74, 2165-62.50, 2156-53
Major resistance levels: 2221.50-23.50, 2235.50-37.50, 2245-48
Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish