It was another volatile day. ES ran up during overnight in trading based on speculation about the ECB’s plans for QE. But quickly the gain got smaller and smaller before the market opened. After the open ES gave back all the overnight gain and more. It stayed Red into the close.

Now we can see that the latest “V” shape pattern is not as strong as before. The selling outpaces the buying on the ES. The upside strength is getting weaker and weaker.

ES struggled to hold the price above 2015 all afternoon. Today 2015 will become a key level. A break below it will be bearish and could lead the price down to test the 2000 level. If it holds above 2015, ES will need to work through the 2025.50-28.50 resistance zone to move to a higher level.

But 2048-50 will be a strong resistance. Without buying programs and external incentive news, the price shouldn’t exceed 2050.

We should expect ES to continue to whipsaw around the 20/40ema lines if there is no particular news or unexpected events today. The ES remains vulnerable to bad news.

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