ES made a positive move for the first day of April. Traders switched their attention from external circumstances to internal market considerations.
The good employment report prompted buyers to come back into our market. Now we can see that a possible inverted H&S pattern may be in process as well.
Today we may see ES test Feb’s high area around 1343 if the price opens above the 1329 line. The 1343 area could be the top of the first wave (i) of sub-wave 5.
If the price reaches that zone a small pullback should be expected.
There is support around the 1312-1310.50 range, and as long as it holds up, the price should be expected to bounce back from any decline. A move under 1290.50 will be bearish. It indicates the short-term uptrend is changing direction.
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ESM1 Daily chart
