ES continued to make lower highs and closed at the low range of the day. The price action was bearish. It indicated that the short-term downtrend hasn’t completed yet.

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Today lots of economic reports will be released in the morning session. In addition the SP500 index option will expire at the close. All of this can promote a big move in the ES.

Even though the ultra-short-term has an oversold condition, the intraday bounce slowly smoothed out it, and brought more sellers into the market. This could lead ES to get more oversold in the short term.

Daily PMO indicator approaches zero line, which still points out the weakness of internal strength indicators. 2112-10 will be a key zone to watch. A break below it will be bearish and a further decline toward 2100-2098 or lower to 2085-87.50 should then be expected.

2135.50-37.50 will remain resistance zone for today.

Outlook

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

Support and resistance

Major support levels: 2103-01.25, 2091.50-93.50, 2085-83, 2075-73.50, 2067-65
Major resistance levels: 2141.50-39.50, 2156.50-58, 2175-78.50