ES gapped up at the open and held on to its gains throughout the day. The price action remained bullish yesterday, but the volume was reduced on the second day’s rally

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This section contains the detailed buy/sell levels for Friday. It is reserved for Daily and Full Access members only. Previous posts are available free of charge in the archives.

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Today we may see an exhaustion move. ES could stall around 2185 and reverse.

Daily PMO indicator still didn’t give a buying signal. Slow STO indicator approaches overbought territory. If ES manages to hold below the 2185 line, price could reverse to do its back-fill in the 2152.75 area.

Today traders should focus on the short side on a rally in the early sessions, and buy later in the afternoon. If 2160.50-59.50 is broken, ES could dip into 2152.75, where we can see the dip buyers coming in.

Outlook

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

Support and resistance

Major support levels: 2131.75-33.50, 2123.50-21.50, 2103-01.25, 2091.50-93.50
Major resistance levels: 2175-78.50, 2086-88, 2195-96, 2103-05.50

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