ES gapped up strongly at open, and held the gain to break the top resistance line of the consolidation range and close higher. The price behavior was positive and bullish, but the volume was lighter than previous days. The street cheered news that the recession officially ended in June, 2009, according to the National Bureau of Economic Research.
Today is FOMC interest rate decision day. The street expects no rate change. If there is any change on the interest rate, the price could explode, especially if the Fed decides to lower rates again.
We need to see volume increase to give support while the price moves higher. If there is no follow-through on price and volume remains light a small pullback should be expected. But as long as the 1117 line holds up, the major trend remains up.
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ESU0 DAILY Chart
