ES had a minor pullback into the 2084 support line for testing yesterday. But it still successfully holds above the support line for the close.

It mainly went sideways to solve its short-term extreme overbought condition. The ES is also waiting for today’s NFP report. The Non-farm payroll report – together with today’s closing price – will determine the next direction for the ES, .

Member content

[MM_Member_Decision membershipId=”!(3|4|5)”]This content contains the detailed buy/sell levels for tomorrow. It is only available to higher-level members. You can upgrade your membership to get instant access by clicking the link in the top menu.[/MM_Member_Decision]

[MM_Member_Decision membershipId=”(3|4|5)”]Hi [MM_Member_Data name=’firstname’]. Download the full trading plan here: 151106-plan

To continue the pullback to test the yearly pivot 2055, ES needs to close under 2084 level to give a slightly bearish outlook next week. If we close above the 2095.50 level, ES goes back to the high or higher again next week.

The Bulls will be reluctant to give up. The Bears need lots of courage to fight for a tiny retracement. The major support is at 2065-62 today. For weekly option expiration today, the Call buyers want 2100 and the Put buyers want 2075. These opposing forces will lead to choppiness around the 2090 level today.

Outlook

Short-term === Bullish
MEDIUM TERM === Bullish
LONG-TERM === Bullish

Support and resistance

Major support levels: 2064-62, 2055-56.50. 2014.50-12.50, 2005-02.75
Major resistance levels: 2114.50-16.50, 2112.75-23.50, 2131.50-29.75

[/MM_Member_Decision]