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