ES had a minor pullback on the last day of May. The closing price suggests the short term outlook remains bullish. But the bulls need to make a decisive breakout in the coming days before it can convince the buyers to join in.
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ESM6 May 31, 2016. Daily chart.
2105.50-2112.50 is a long-term resistance zone ahead. A break above this zone will trigger the next up-leg move.
But this zone may not be easy to break it. It may still take some times to work on it.
The daily PMO indicator still rises, which indicates that price may continue to hold above 2070-68 zone to wait for an ultra-short-term overbought condition to be resolved.
A break above 2108Visit Site could push ES up to 2110.50-12.50 or higher up to 2121.50-23.50 zone to indicate that a true breakout is occurring.
Outlook
Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish
Support and resistance
Major support levels: 2055.50-57, 2035.50-37, 2028.50-31.50, 2021-23.50
Major resistance levels: 2105.50-03.50, 2112.50-14.50, 2121.50-23.50