ES bounced off the 40-day moving average line and managed to close around the 9-day moving average, which was broken on Tuesday (Feb. 22). Today 1322.50-25.75 range will determine if the ES can move back up or should continue its downside move.
Based on the short-term indicators, the price is in neutral area. It could move in either direction.
Today is the last day of February and the end-of-month window dressing may try to hold the price above 1300.
A move above 1328.50 will be bullish, and the price could be pushed back up to 1334.50-36.50 area to attempt to make a double top on daily chart.
A break under 1292.50 will indicate the big decline is already on the way.
Nat’s mid-winter half-price sale ends at midnight Monday. And then its gone for another year. Here’s the url for more info:
ESH1 daily chart
