The market was boosted by a drop in U.S. jobless claims reported in the morning yesterday and a brighter profit forecast from FedEx. Holiday season high spirits resumed and sent the ES higher for the close.
Today is triple witch expiration day. Based on option expiration day, the market could go into a narrow sideways trading range to end the week, or it could go into a wild mode to spin price. So far we still expect ES will continue higher until next week.
For an upside move the ES needs to hold yesterday’s low and push price above 1243.75 to keep the upside momentum moving towards our second major target in the 1256-60 area.
Price may not go straight up to that level, but it could go up little by little until the Christmas holidays.
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ESH1 Daily chart
ESH1 Intrday chart – 60-minute bars
