ES had five straight declining days. Today 1346.50 will be upside key line and 1333 will be downside key line.
A move above 1346.50 could push price back up to Friday’s high area 1351-53 range for testing.
A break under 1333 will drag the price down to 1325-1320 range to the 40-day moving average line support area.
Last Friday trading volume was slightly lighter than its previous two declining days. It indicates that ES may bounce up early in today’s morning sessions.
After 11am, the price may start to slip if no upside momentum shows up. External events may also influence the price to move down first if there is any negative news from China overnight.
This is an excerpt from the free Weekly Market Preview published by Naturus. To see the complete document, visit http://naturus.com
Daily Outlook – S&P500 e-mini futures
ESM1 Daily chart
