ES continued to consolidate within last Friday’s range. It could form a wedge pattern, and later break through that pattern in either direction. However as long as ES stays above 2140 level, the ultra-short-term trend is up.
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Today ES could continue staying in yesterday’s trading range for consolidation. It could have a narrower range than yesterday’s. 2159.50-57.50 will be a choppy zone. Price could go +/- 10 points from it to shake out weak hands on both sides.
Daily PMO indicator accelerated on the upside, close to its neutral level, and the slow STO indicator is in overbought territory. Both suggest ES can go sideways or pullback for testing. But buy on dip behavior will continue to be seen around the 20/40ema lines unless ES breaks 2125 level. It could then drop lower.
Support and resistance
Major support levels:2143.25-44, 2134-32.50, 2121-23.50
Major resistance levels:2183-85, 2193.50-95.50, 2108-10.50, 2223.50-21.75
Short-term —- Bullish
Medium term —–Neutral
Long term —- Bullish