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The ES broke a trend support line overnight, and has rallied back to it here in the pre-market. It found another support line at 3200 and rebounded. That’s now the number to watch on the downside. If broken, then look for a move to 3183.
ES has edged above the overnight downtrend line here at 5 AM ET. That line is now at 3214. If they don’t stay clear of that, bears will stay in control. If they do get above it, they can run it higher for at least the first half of regular trading hours, toward a target of the 3230 area.
Longer term projections and suggestings at Lee Adler’s Technical Trader. Read it risk free for 90 days.
Update 7 AM ET
Hourly indicators have gone to the buy side. 3 and 5 day cycle up phases due. Cyclically, today and Monday should ideally be up days.
Update 10:40 AM ET
Edging closer to failed buy signals here. Could signal a crash if they break 3189.
