ES had its continuation high move yesterday. It could reflect previous outflows from funds returning to their former positions. ES not only managed to hold price above 20EMA (daily) line during the day session, it was also able to close above 50EMA (day), which gave a short-term bullish signal.

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The election results have been published before the US market opens today. The Trump victory sparked a massive sell-off. But if the price can return above 2100, the short-term trend may resume. However the break below the 200-day moving violates an important support level.

Daily PMO and STO indicators continue to move up and supported past two days rally. But PMO indicator hasn’t crossed its signal line to give out a buy signal yet. If/when the slow STO indicator moves into overbought territory, and PMO indicator still didn’t cross over, then the selling could return.

Outlook

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

Support and resistance

Major support levels: 2100.50-2098.50, 2185-88, 2075-72, 2062.50-65
Major resistance levels: 2145-47.50, 2156.50-58.50, 2165.50-68