ESZ6 Nov. 10, 2016. Daily chart.
ES had a continuation high move yesterday. It was able to hold price above the broken short-term downtrend channel even while ES had some profit taking during regular session trading. Also the trading volume decreased yesterday.
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ES took four days and to recover the past two month’s decline. The price action was bullish. But it still hasn’t broken through its major resistance zone 2183-93 yet. Today ES may continue to hold price above 2140 line to go sideways within yesterday’s range. Buying on the dips will continue today. But ultra-short-term starts to get an overbought condition. Slowly moving up further should be expected.
2145-35 zone remains the key line for the upside. If overnight trading can hold price above it, odds will favour buying on dips. Only a break below 2135 line could push price down to 2125-23 or lower toward 2118-15 zone for Friday’s option expiration move.
Outlook
Short-term ===bullish
Medium-term === Neutral
LONG-TERM === Bullish
Support and resistance
Major support levels: 2108.50-07.50, 2100.50-2098.50, 2185-88, 2075-72
Major resistance levels: 2178.75-77.75, 2185.50-87.50, 2198.50-95.50