ES has been struggling with key support lines for the past 7 days. It went back and forth across the 10 and 20 day moving average lines, and managed to hold the price up above the current major uptrend line.

But the daily volume on ES was heavier on down days and lighter on up days.

This week ES needs to make its decision on the next move. The big movement could occur on Wednesday or Thursday as we approach the rollover.

This week ES needs to hold price under last week’s high 1336.50. A move under 1292.50 line will confirm the declining move is on the way and somewhere below 1275 line will be first target for the next downside.

But there is the possibility of a different outcome if ES manages to stay above 1300.

If Wednesday or Thursday has a big thrust move with heavy upside volume, the price is likely being pushed back up to 1340-44 range to make new highs

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ESH1 Daily chart

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