ESZ6 Nov. 22, 2016. Daily chart.
ES successfully made an all-time high yesterday and successfully closed above the 2200 level. The price action remains bullish.
But the trading volume has been slowly trending lower since last week,which we think could result from holiday trading.
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Today has a full schedule of economic reports, including FOMC minutes, Durable Goods orders and jobless claims.,
2205.25-03.50 will be today’s key zone. Staying below it could lead ES to repeat yesterday’s range. A move above it could lead ES to make new high up to 2213-15 zone.
The volume is expected to continue being low before the Thanksgiving holiday period. Also expect price fluctuations: pump and dump or the reverse. Or both.
Support and resistance
Major support levels :2155-56, 2143.25-44, 2134-32.50, 2121-23.50
Major resistance levels: 2208-10.50, 2114.50-16.50, 2223.50-21.75
Outlook
Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish