ES had a continuation high move yesterday with a strong gap up at the open; it held up for a higher close. The price action was bullish, but once again the volume was lower on an up day.
The PMO indicator still shows a short-term buying signal, and there is a potential double bottom on the daily chart with the neckline is lying at 1940-46, slightly above the 50-day moving average line.
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The 20-day moving average line at 1893.50 will become a major support today. Any pullback for testing could be bought there by new buyers. The short-term outlook is bullish.
Buying on dips will continue to be seen today. If ES gaps higher before the open, the price could retrace back near yesterday’s breakout level at 1915.50-14.50 area to search for support.
Short-term === Bullish
MEDIUM TERM === Neutral
LONG-TERM === Neutral
Major support levels: 1898.50-95.50, 1856.50-54.50, 1831-1833
Major resistance levels: 1929.50-31, 1939.50-41.50, 1950.50-52.50