eSM6 jUNE 7, 2016. Daily charty.
ES kept its upside momentum run until yesterday’s lunch session. It made a high at 2118 first before retraced back to 2109.25, attempting to fill the gap at 2108.25. Time ran out before the gap was filled.
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The overhead resistance lines at 2111.75-12.50 and 2123.50-25.50 will remain obstacles for today’s trading. Because of the short-term overbought condition, the buyers will take profit at the high level and re-enter on pullbacks. 2100-2098 is psychology support zone.
The daily slow STO indicator shows overbought and stops chasing the price to move to a higher level. It hints ES may get a fake breakout move; however, there is still a possibility for ES to return inside the rectangle pattern.
Now all eyes will focus on 2080-65 short-term support zone. Whether it can hold up for coming days or not, will determine next ES short-term direction.
Outlook
Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish
Support and resistance
Major support levels: 2092-93.50, 2075.50-73.50, 2055.50-57, 2035.50-37
Major resistance levels: 2121.50-23.50, 2129.50-31.25, 2037.50-39.50