ES extended Wednesday’s gain yesterday. The blue chip stocks were leading and lifted the SP500 up while disregarding Greece’s debt crisis.

Now 2062 is a short-term low and could be this month’s low. But ES still has to make a decision which pattern it wants to follow next. Based on daily chart, there is longer time-frame pattern which could be a potential H&S pattern with two shoulders’ top near 2119.75-20.50 zone.

There is a shorter-time period pattern which is a double bottom pattern with neckline also is lying at 2120.50 area.

Today all eyes will be on the 2119.75-23.50 zone. A move above 2125 will be bullish and price could be pushed up to 2128.50-30.50 or higher up to 2134-36.50 (short entry for today). Alternatively, by holding under 2119.75 level, ES could drop back down near 2100-98.50 for testing. A move below 2094 will indicate the H&S pattern is in progress.

Based on volume and price action, ES is bullish. But the movement is in a quadruple witch expiration period, which may be disrupting the real move.

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