ES spent most of the day trading inside last Friday’s range, but it managed to close green on the first day of June.

There is not much change in the short-term chart. ES is still in consolidation mode. The Greek debt issue still haunts the European market and the ES is still caught between the daily momentum lines. It may take several more days for ES to pick its next direction.

ES could stay inside the 2119.50 to 2100 range again today, just bouncing back and forth. This is a waiting mode, killing time until the June 5 Greece decision and the employment report in US.

It is possible for the ES to break above 2124.50-26.50 and perhaps move higher up to 2135.25-36.50 (short entry). For that to happen we need to see a breakout above 2120.50 with strong momentum.

But ES could also drop below 2091-92 or lower if the news from the world beyond the Street is unexpectedly bad. We may not see it today, but we should expect this could happen in the coming days.

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