ES Charts of The Day November 17, 2016

Daily:

Yesterday was spent chopping around 2170-2172 without much opportunity for a trade that would really move.  With all the volatility this month a couple days of chop is expected.  The same set of rules apply for today as yesterday.  2170-72 is the key price zone.  Bulls want to keep it as support and move toward the continuation high at 2191/92 and engage the upper Bollinger Band.  Bears wants to convert 2170 and get back into the 2150-70 range in order to push back toward the middle Bollinger Band (20 day sma).  I continue to believe that the bears will need a catalyst to accomplish this effort.

Yesterday was spent chopping around 2170-2172 without much opportunity for a trade that would really move. With all the volatility this month a couple days of chop is expected. The same set of rules apply for today as yesterday. 2170-72 is the key price zone. Bulls want to keep it as support and move toward the continuation high at 2191/92 and engage the upper Bollinger Band. Bears wants to convert 2170 and get back into the 2150-70 range in order to push back toward the middle Bollinger Band (20 day sma). I continue to believe that the bears will need a catalyst to accomplish this effort.

 

 

Hourly:

Here you can see the low range battle at 2170-2172.  It's an hourly chart that reads like a 5 minute chart.  That means only one thing...chop.

Here you can see the low range battle at 2170-2172. It's an hourly chart that reads like a 5 minute chart. That means only one thing...chop.