Today the closing price is very important for next week. A close above 1228 indicates the uptrend remains intact, and a higher high move should be expected to continue until this year ends.
But if the closing price is below 1216.25 line, the outlook for the rest of this year may be different. ES could stay in a small range below 1235 line for the year end.
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ESH1 Daily chart
On the 60min chart, ES formed a triangle pattern. ES may breakout yesterday’s Globex high and push higher to 1238.50-1239 to squeeze out the weak-hand shorts in the early morning.
A failure to breakout 1233 during overnight and pre-market trading could leave the price ing inside the triangle for choppy moves later.
A move below 1220 line could cause a small stop run and the price could dip above 1217-18 range. A break under 1214-12 range will be bearish. It indicates that a short-term top has been posted
ESH1 Intraday – 60-minute bars
