ES Charts of The Day November 23, 2016

Daily:

Yesterday we discussed the likelihood of trading down to the old all-time high of 2191.50 in the webcast and the charts and indicated that turning that area from long time resistance into support was critical if the Bulls were going to maintain their advantage over the tape.  We traded down to 2191.75 and made matching lows.  From there we did new highs.  As we head into the holiday the bulls need to continue to hold that levels and make higher highs gradually.  The upper Bollinger Band has run away and hidden so the likelihood of a slight pullback within the next week is pretty likely.  However, absent news I would expect that pullback to be muted.

Yesterday we discussed the likelihood of trading down to the old all-time high of 2191.50 in the webcast and the charts and indicated that turning that area from long time resistance into support was critical if the Bulls were going to maintain their advantage over the tape. We traded down to 2191.75 and made matching lows. From there we did new highs. As we head into the holiday the bulls need to continue to hold that levels and make higher highs gradually. The upper Bollinger Band has run away and hidden so the likelihood of a slight pullback within the next week is pretty likely. However, absent news I would expect that pullback to be muted.

Hourly:

Bulls want to hold that steep trend line in order to avoid a move back to retest the lows from yesterday.  2203 has been hit three times. a move over that level opens up 2214 and then a retest of 2203 as resistance.  Absent news that can sustain a down move for more than an hour or a day we remain in dip buy mode.

Bulls want to hold that steep trend line in order to avoid a move back to retest the lows from yesterday. 2203 has been hit three times. a move over that level opens up 2214 and then a retest of 2203 as resistance. Absent news that can sustain a down move for more than an hour or a day we remain in dip buy mode.