ES Headed to 1197

ES Headed to 1197

Yesterday everything went almost according to plan: bounce of trendline B, ES didn't quite make it back to backtest trendline C but the new home sales did spark tankage. However ES based ~1170 and rallied strong to finish the day. It's no surprise ES has gained overnight and is set to open ~1185. I think today's low will be ~1181 and that ES has the potential to hit 1197 today. Furthermore I expect ES to hit 1216 sometime in the next two weeks. If ES drops below 1181 then 1175 is the next support level, but I don't expect ES to drop that far.

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