ES gapped up at the open again, but this time it managed to hold up price from filling the gap and closed at top area with very light volume. It seemed everyone left early and waited for presidential debate at last night and ECB press conference at 8:30 am today.
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ES could go higher up to 2160-50 zone during ECB press conference. Especially it can price above 2135 level and break through 2145 resistance line. Daily PMO indicator stopped declining and the slow STO indicator continues to bounce. Both suggest that ES could go back to a higher level than Wednesday’s. Only problem is volume, which was very light yesterday; that doesn’t support the rally.
Today 2141-43.50 will be the key zone. A move above it could encourage the buyers. A break below 2131 could shakeout the weak buyers. It is likely for ES to go down further, but we still expect ES will hold price above 2123 level.
Short-term === Neutral
MEDIUM TERM === Neutral
LONG-TERM === Bullish
Support and resistance
Major support levels: 2112-14, 2106-03.50, 2098-01.75
Major resistance levels: 2156.50-55.50, 2164-62.50, 2171-72.50