Today is triple witch expiration day and the market is watching to see if the ES can break through the resistance at 1127.75 – 29.50. Yesterday the volume was light, but momentum remained strong in the later afternoon. At this stage we can only wait to see if a true breakout movement occurs or not.
Today is a real testing time. The major resistance is above the current price. We may see a fake breakout, but fake or not, an attempt to break out will likely occur. We expect price will move up to 1129.50 to shake out the weak hands.
ESZ0 Daily chart
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