ES started off strong Wednesday, aided by a bounce in bond prices resulting from a strong auction for the 10-year bond. But disappointing retail sales numbers drove the buyers away. At the end, ES gave up the gain and closed 2 ticks below the prior day’s close.
Today the jobless claims report will be released before the market opens. The buyers are still able to choose the time to lift the price, but the desire for a price move higher may run out if they don’t see a real breakout movement soon.
If there is no real breakout movement, ES should stay inside the 2121.50 to 2081.50 range. 2111.50-12.50 will be first intraday resistance line and 2088-86.50 will be first intraday support level.
2100 is the option game meanline, which will be the battlefield for both sides to fight over and the level at which traders will be taking profits. Suddenly runs up or down should be expected.