ES had a minor pullback yesterday. The 50-day moving average line acted as resistance and ES retraced from it after it made highs in overnight trading.

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Today 1929.75-33.50 will continue to act as a resistance zone in the morning sessions. As long as this zone holds ES down,the  price could pull back near the 1900-1893 zone for testing. Nevertheless, a bounce back from whatever is the lowest level made in the morning sessions still should be expected.

The “W” pattern on daily chart shouldn’t be ignored. The neckline is lying at the 1940-52 zone. A break above 1935.50-37.50 could trigger an upside momentum run and push the price up to the neckline.

The PMO indicator continues to give a buying signal. Any pullback today could still be bought by new buyers.

Outlook

Short-term === Bullish
MEDIUM TERM === Neutral
LONG-TERM === Neutral

Support and resistance

Major support levels: 1898.50-95.50, 1856.50-54.50, 1831-1833
Major resistance levels: 1929.50-31, 1939.50-41.50, 1955.50-52.50

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