ES had a rough day. It dipped down in overnight trading and found support at 2094. After market opened, it gradually recovered and accumulated a gain in intraday trading, but at the end it failed to defend the gains and closed 2.50 points below the previous close.
There was not much change on the short-term chart. ES still is in consolidation mode. External events continue to influence the price moves. So far every dip has been bought, even though there is a slightly negative sentiments in the market. Most of investors are unwillingly giving up their long positions below the level where they entered the trade.
Today there are lots of economic reports to be released. ES could stay inside yesterday’s range, with the odds favoring a move lower. But as long as the price doesn’t close below the 2088 level the ES still can bounce back in the following day. June 5 should be expected to be a more volatile day.