ES had a crying day; it not only broke the 20-day moving average line during intraday trading, it also touched the 40-day moving average line too. But at the end, it managed to hold the price above those two momentum support lines for the close.

MACD almost gave out a selling signal, missing by only 0.536 points. Today ES may stay between those two lines for consolidation in the early sessions and rally later if the 2095 level holds up. But it also could break down yesterday’s low to go lower to fill the unfilled gap at 2093.50 level if 2096.50 level breaks during overnight trading. In any case a pullback below the broken resistance/consolidation range will not be a good signal for the buyers.

Now the 2119.75-2115 zone should act an immediate major resistance zone for today’s trading. ES needs to go above it to maintain the bullish outlook for the coming days. Otherwise, a small correction should be expected.

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