There is not much changed in the short-term outlook for the ES. ES remained inside the three-month range. But holding above last year’s high will be the important issue for the buyers. So far ES still should be considered as bullish.
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Today has no key economic report, but there is an early speech by Fed member Jeffery Lacker.
ES could test one more time on the downside at 2146-43 or lower 2139.50-35.50 zone before it rallies again.
A move above 2156.75 (yesterday’s high) could lead ES further up to fill 2160.50 gap. But I still expect the ES needs to stay inside last Friday’s globex trading range from 2168.25 to 2137.50. It may spike up or down a few ticks from that range.
2135.50-33 is a current key support zone. As long as it holds up ES, the dip buyers will continue to defend it and push price back up to wait for tomorrow ADP report.
Short-term === Bullish
MEDIUM TERM === Neutral
LONG-TERM === Bullish
Support and resistance
Major support levels: 2135-33. 2123-21.50, 2112-13.50, 2103.50-01.75
Major resistance levels: 2171-72.50, 2181.50-78.50 , 2188-90.50, 2200-01.50