ES continued to slide lower even after the Fed kept the interest rate unchanged yesterday. The internal weakness came from all major indexes. It clearly shows that investors are waiting for the result of the election, just a few days away.

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Today 2098.50-2100 will be the first resistance zone. As long as ES stays under it, the sideways consolidation should continue. But the short-term downtrend direction will not be changed even if the price bounces up further than the first resistance zone.

2080-77 will be the 200-day moving average line, which is the long-term support. It could prevent the price from falling, and likely cause the price to bounce from it.

The ultra-short- term indicators remain in extremely oversold condition, and a bounce towards the broken line of descending triangle is very likely.

But the ES broke down through the intermediate-term uptrend line, and the 200-day moving average line may not hold up very long.

With all indicators bearish, a further decline toward 2050-40 should still be expected as long as ES stays under 2100.

Outlook

Short-term === Bearish
Medium-term === Bearish
LONG-TERM === Bullish

Support and resistance

Major support levels: 2081-82.50, 2075-72, 2062.50-65, 2050-56.50
Major resistance levels: 2121.75-23.50, 2141-39.50, 2156.50-58.50

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