1. ES continued to swing around the PL (51) today and this time it tested the 44-5 support. The low was made at our 41-2 support. Since ES closed right at the 44-5 level and remained above TBL nothing really changed on daily. Daily indicators are overall neutral and PL is flat. Range action is still in effect. Now if tomorrow's close is below 44 (TBL) the balance could shift quickly to bearish. Anyway we will continue to wait for the end of the trading range.
2. 3-hour chart got ugly after some strength in ON. Bulls were unable to take ES higher than the 66-7 resistance or the upper trading band. Bears took their chance and tested the 41-2 support and settled at the 44-5 again. Bulls must defend the 44-5 and the 41-2 supports or bears will take over here. Indicators have turned to bearish now and PL points down.
3. Today's action further confirmed our short term RS Levels: 81, 75, 66-7, 62-3, 56.5, 51, 45.5 zone, 41-2, 34.5, 28, 23， 11.5
Daily
3-Hour
