On Sunday, buyers reclaiming 5414 triggered longs and kicked off a small relief rally for ES, which is still going. My targets were 5478 and 5492, and we’ve already hit 5491 twice. Now, we’re chopping around.
As of now: Expecting chop between 5491-5458 with 5473 as the midpivot. Holding above keeps 5492, 5502, and 5511+ in play. If 5458 breaks, looking for a dip to 5440.
As of now: Expecting chop between 5491-5458 with 5473 as the midpivot. Holding above keeps 5492, 5502, and 5511+ in play. If 5458 breaks, looking for a dip to 5440.
Note
Upside targets for today were 5492 (hit), 5502 (hit), and 5511. After buyers pushed 5502, sellers stepped in dipping us back into the chop range, as expected. Protect profits and dont overtrade. The market is waiting on CPI now. 5473 support held and bounced but is pretty weak now in my opinion. If fails, next down are 5458-60 and 5450. We need to recover 5485 to see another push higher. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.