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ES Breaks Near-Term Support, But Still Refuses to Break Down


Even after swooning to a marginal new pullback low-- beneath it May 7 support line (2104) mid-morning, the e-SPM still did not follow through to the downside.

Instead, it pivoted to the upside and has climbed to 2114.

I don't know how many times the e-SPM has to hold in and around 2105-2100 before the bears give up, but it would seem that they are on the defensive now.

Barring yet another breach of 2104/00 support, my sense now is that the e-SPM is heading for a confrontation with nearest resistance (line) at 2120.00, which if hurdled and sustained, should trigger upside continuation the challenges 2122-2124.

The battle line have been drawn: support at 2104-2096 vs. resistance at 2119-2125.

Whichever side of the range is violated and sustained should trigger follow-through either to 2075/70 or to 2145/50.

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