ES Charts of The Day November 16, 2016

Daily:

With the 15 handles move above the 2150-2170 price range the Bulls have  areal opportunity to push the tape to the upper Bollinger Band and the Continuation High of 2191.50.  The key to that outcome is maintaining 2170 as support.  The daily pivot matches with that area (2172) and Bulls will need to keep price above the entire session for it to be considered established support.  Should the Bears be able to break 2170 then they would need a push back to yesterday's low at 2161-62 and preferable a close below that area.  The bear by losing the trading range battle are now at a significant disadvantage for the remainder of the week.  They'll need news in order to mount any sustainable pullback.

With the 15 handles move above the 2150-2170 price range the Bulls have areal opportunity to push the tape to the upper Bollinger Band and the Continuation High of 2191.50. The key to that outcome is maintaining 2170 as support. The daily pivot matches with that area (2172) and Bulls will need to keep price above the entire session for it to be considered established support. Should the Bears be able to break 2170 then they would need a push back to yesterday's low at 2161-62 and preferable a close below that area. The bear by losing the trading range battle are now at a significant disadvantage for the remainder of the week. They'll need news in order to mount any sustainable pullback.

Hourly:

Bulls have broken above the range.  2170-2172 is critical for bulls.  Any test of daily pivot today must be rejected and taken back toward the contract highs.  Bears want below 2170 and back to 2161.

Bulls have broken above the range. 2170-2172 is critical for bulls. Any test of daily pivot today must be rejected and taken back toward the contract highs. Bears want below 2170 and back to 2161.