- Monday, April 9 Daily PP (pivot point) R1 (resistance) @ 2651
- PP S1 (support) @ 2571
- PP is @ 2617 (price is currently just above)
- plus Monthly VWAP @ 2611 (providing major support...price is currently just above)
- 50 & 200 MAs in between PP & R1...50 has crossed above 200
We have a big range in between Monday's S1 & R1, but, if price holds above PP, we may see a retest of R1 at some point...otherwise, if it beaks and holds below S1, we could see price retest Feb's low of 2529 (Monday's S2 is 2538), or drop lower.
* UPDATE @ 1:20 pm ET...
R1 2651 hit...60 min. chart of ES below shows that the momentum indicator hasn't yet made a new swing high on this latest push up from 9:00 am ET, onward...
* 1:40 pm ET...
Price stalls at R1...5 min. timeframe shows price now trading outside uptrending Andrew's Pitchfork channel on lower momentum swing high...
* 2:00 pm ET...
Headwinds blowing...
* 3:55 pm ET...
2625 (support/resistance level discussed here) has been breached, once again...momentum indicator on 5 min. chart is signalling that further weakness is coming.
* Monday's close...
ES closed at 2618.75 (just above its daily PP @ 2617), after retesting its monthly VWAP @ 2611, as shown on the 60 min. chart below.
The momentum indicator is below zero...if that holds, I'd expect to see price drop further once this resumes after-hours trading later today and into tomorrow, especially if 2611 fails to hold as near-term support.
