ESH6 March 3, 2016. Daily chart
ES had a third rally day yesterday. The price action remains bullish, but total volume continued to decrease. Nevertheless “thin to win” sentiment brought the buyers back into the market.
The Non-farm payroll report will be released in the pre-market today. Anticipation and speculative news reports pushed the ES up to the major resistance level, which could now be priced in.
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Early in the morning we may see a “Sell the news” move and that pushes the ES back down to yesterday’s low area.
The PMO keeps rallying and gives a bullish outlook. The 200-day moving average line 1998 is the current resistance line. The rally is still expected to stall for a while.
1975 was yesterday’s major support. As long as 1978.50 level prevents the price from falling, the short-term uptrend remains intact. The pullback may not last very long today.
Outlook
Short-term === Bullish
MEDIUM TERM === Neutral
LONG-TERM === Neutral
Support and resistance
Major support levels: 1950.50-52, 1928-30, 1912.50-11.25,
Major resistance levels: 1995.50-98.50, 2007.50-08, 2018.50-21.75