Yesterday the market moved up on hope and holiday cheer, but unfortunately it couldn’t hold the gain at the end. Today it is probable the market will try again.
ES is forming a rising wedge pattern on daily chart. ES will likely try to hold price above 10 day moving average line until the holiday season is over.
So far ES doesn’t suggest any change in the outlook for this week.
For an upside move ES still needs to hold above the 1234 low to move higher up to the 1256-60 area.
Price may not go straight up to that level because there are a lot of resistance levels ahead of current price. But it could move a little higher every day to get there.
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ESH1 Daily chart
ESH1 Intraday – 60-minute bars
