ESZ6 Nov. 28, 2016. Daily chart.
ES had a minor pullback yesterday after 13 days of a strong rally. The spike top last Friday could be a bull trap. A further pullback into the breakout point at 2193-90.50 could be seen again.
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2205.50-06.50 will be today’s key zone. Staying under it could lead ES to decline further into 2193-90.50 for testing. A move above it could lead ES to fill yesterday unfilled gap at 2211.75 or higher up to make new highs around 2218-20.50 zone.
Due to short-term overbought condition, the rally has some limits. A pullback into the daily momentum support lines (20/40ema lines) will likely be seen. There are 3 unfilled gaps at 2180.75, 2172.75 and 2160.50 beneath the current price, they are likely targeted by sellers.
Support and resistance
Major support levels: 2190.50-93, 2183-81, 2172-74, 2165-62.50
Major resistance levels: 2212-10.50, 2220.50-26, 2235.50-37.50, 2245-48
Outlook
Short-term —- Bullish
Medium term —–Bullish
Long term —- Bullish