ESU6 June 29, 2016
ES moved back above all moving average lines yesterday and had a strong continuation high move with a strong close at 2066.75 level.
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Today is the last day of June. After two strong rally days, ultra-short-term gets overbought; a pullback could be seen today if ES fails to move above 2081.75, the key resistance line.
A break above 2081.75 would confirm the short-term low is in and a further rally up to 2100 level should be expected.
A break below 2056.50 level could lead ES back down to test 2050-40 zone and close near it for the end of June.
Short term is still in oversold territory and gets ready to turn around. This could encourage the buyers to buy on any pullback to the short-term major support level at 2025-23.50.
Outlook
Short-term === Bullish
MEDIUM TERM === Neutral
LONG-TERM === Bullish
Support and resistance
Major support levels: 2043-41, 2021-23.50, 1993.50-95.50, 1983.50-85.50
Major resistance levels: 2078.50-81.50, 2089.50-88.50