ES dropped in overnight trading but managed to recover and close slightly above yesterday’s close. The short-term uptrend support line holds the price up even though overnight trading had a small shakeout move and broke the support line once.

Today the bounce could continue as long as 2075-73.50 holds up. The price could bounce up to the 10-day moving average line around 2095 for testing. If the momentum is strong in the morning, ES may also attempt to fill the unfilled gap at 2092.25. But as long as ES stays under 2098 level, price still has a chance to pullback down again on Friday.

The 135-day moving average line area (2066-2062.50 zone) is one current support area. How well it holds up later will depend on how high ES bounces now. If the bounce is weak, ES could break this support area later and head toward the yearly pivot line at 2055.

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