ES had a continuation high move yesterday. It gapped up strong at the open and held on to close with a gain for the day. But the volume remained low. The ES is attempting to break through the resistance at 2115.50 – 17.75. Yesterday the rally halted right at the resistance, but since the beginning of April the ES has been making higher lows on every retracement.
Now 2075 level is major short-term support. As long as it holds up, ES will continue to challenge the resistance zone. Today we may see a minor slow pullback like yesterday’s move. A drop below 2105.50 level could produce a little downside move to push the price down to 2101.50-00.50 to fill yesterday’s gap. A break above 2119.75 — last week’s high — could push ES up to 2123-24.50 zone, or even higher if there is a strong momentum run.
Based on the price action, it seems the ES intends to go a little further on the upside. But it needs more strength to push the price uyp substantially. Without strong upside momentum strength, the price still could retrace every time ES makes new highs.