ESZ6 Nov. 15, 2016. Daily chart.

ES found its footing after an early sideways consolidation. Later in the afternoon it resumed the rally and pushed price near 2180 level, closing under it by just three ticks.

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The price action was bullish yesterday afternoon. But the volume was still lower than the previous day. Nevertheless the bulls are in the drivers seats.

A breakout move could be seen today. 2180.50-79.50 will be a key zone for today. A move above it could push ES up to 2193.50 (this year’s high) or make new highs at 2200 area. The 2160.50 unfilled gap will become a support. As long as price stays above it, odds will favor the upside.

Daily PMO indicator continues to rise and supports a move higher by the price. Slow STO indicator is overbought, but also tries to hold up and support a move higher. Both indicate that ES is bullish at current stage. Buying on dip will continue.

Support and resistance

Major support levels:2143.25-44, 2134-32.50, 2121-23.50
Major resistance levels:2183-85, 2193.50-95.50, 2208-10.50, 2223.50-21.75

Outlook

Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish