ES had a small pullback yesterday after five days of higher closes. The pullback may be relieving an ultra-short-term overbought condition.
Today the futures could continue to do this back fill first before finding a footing to move up again. The 1942-45 zone is a major support. As long as ES stays above it, the short-term trend remains up and bullish.
So far the a-b-c sub-wave of wave 2 is not void, as long as ES stays above the 1943 line. But if ES goes below that level and closes below 1900 for the weekly close, the breached pattern could trigger the next sharp downside move.
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Yesterday 1982-77 acted as a resistance zone, and should be a resistance zone again for today. ES could consolidate inside the 1982 to 1942 range today. A move below the 1937.25 line will trigger sell orders lying below that level.
Trade this market step by step, and pay attention to momentum strength.
Short-term — Bullish
MEDIUM TERM — Bearish
LONG-TERM — Bullish
Support and resistance
The major support levels: 1928-29.50, 1900-03.75, 1880-75, 1850-45,
the major resistance levels: 1998.75-95.50, 2012.50-14.50, 2025-32