ES broke its 2119.75 resistance and closed above it yesterday. The volume was very light. In fact the volume has been declining during the entire rally.
Today we want to see a continuation high to confirm yesterday’s breakout. The daily momentum support is lying in the 2101-2089 zone and MACD indicator still gives a buying signal. The market sentiment still is bullish. If ES can hold above 2116.50-12.50 zone during overnight trading, it is likely to move up to 2136.50-44.50 area. But 2136.50-44.50 zone is a 1.618% Fibonacci extension of the breakout leading to the 2088 to 1970 range. Some profit taking should be expected there.
Today and tomorrow could produce a wild day with relatively large range. ES may go up first in early sessions and sell off in later sessions. $VIX option will expire today. Headwinds and tailwinds are operating simultaneously and they are likely to swing the price back and forth.
Hi . Here is the download link for the full analysis, including the buy/sell levels.150519-plan
The major support levels: 2103-06, 2092-89, 2081.50-79.50, 2062-59.50
the major resistance levels: none