ES went sideway for consolidation and tried to balance out its previous oversold condition. So far the monthly open price 1180.50 held ES down very well yesterday.
Today is the day before option expiration. The price could continue going sideway for one more day, but also could go wild if ES breaks out either direction.
A move above 1182 will be slightly bullish, and price could be pushed up to the previous breakdown level for testing.
A break below 1171 will be bearish. Odds will favor to push price further down to 1164-61 range.
So far the correction wave on the downside seems not complete yet. A failure to hold ES up above the 40-day ema line will lead price to fall into the next support zone beneath it.
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ESZ0 Daily chart
