ESH7 Dec. 8, 2016. Daily chart.
The rally continued yesterday. It held above yesterday’s closing price and kept making new highs. The bulls remain in the driver’s seat; any pullback will be bought by new buyers.
Today the March contract will be traded for the first day. The March contract traded at discount of about 5.50 points.
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In the early sessions we may see a little pullback. But as long as 2223.50-2220.50 (the breakout zone holds up, the rollover buyers will step in.
2265-62.50 is expected to be a resistance zone for today. Because ES is in a long-term bullish uptrend, the resistance has to be tested first before the new sellers step in. Expect the bulls will keep buying on dips until the uptrend turns at some point in the future.
Both Daily PMO indicator and Slow STO indicator continue to accelerate, and are bullish. It indicates that symmetrical bullish pattern destination target 2312 is likely to be the December monthly high in the new few weeks.
Support and Resistance
Major support levels: 2223-21.50, 2218-16.50, 2205.50-03.50
Major resistance levels: 2256-57.50, 2265.50-68.50, 2275.50-78.50
Outlook
Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish