hES attemped to break through overhead resistance line at 2193.50 line again yesterday. This time it made few points igher intraday, but still closed under the previous hgh. The price action remains bullish. But the volume still was lower than prior day. It could be related to pre-holidays. Nevertheless a move above previous resistance during intraday trading and a close near the high for the day still will try to convince a us it is a breakout.
Today is 2190.50-87.50 is a key zone. A move above it could lead ES to test yesterday’s high or higher up to 2200-2210 zone. But we should be prepared to see profit taking soon. The short-term STO indicator has extremely overbought condition. Declining volume is typically a sign of exhuastion in rally. 2165-55 will be major support. This support could help ES to hold price up today.
Major support levels :2155-56, 2143.25-44, 2134-32.50, 2121-23.50
Major resistance levels: 2197.50-98.50, 2208-10.50, 2223.50-21.75