ES went sideways between the 20- and 50-day moving average lines yesterday. It mainly tries to hold above the 200-day moving average line and kill time until the daily PMO indicator turns back up.
Today the 2050 line will continue to be a pivotal line. The sellers will favor a back-fill at the 2037.25 gap, and buyers will defend the 200-day moving average line.
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Yesterday’s relative narrow range day move could trigger today’s expansion move. A move above 2053.50 line could push price up to 2056-58.50 or higher up to 2065-68 (short entry).
But a failure to move above 2053.50 will be bearish. It is then likely for ES to move back toward the 2037.25 gap area or lower to run the stops there and push the price lower toward 2023-21 to test last week’s low.
Yesterday’s move suggests the market is waiting for something to occur. External events or news could have a large influence on the price moves.
Short-term === Neutral
MEDIUM TERM === Neutral
LONG-TERM === Bullish
Major support levels: 2028.50-31.50, 2021-23.50, 2009-07.50, 2000-1997
Major resistance levels: 2085-83, 2099.50-2103.50, 2108-10.50