July 6, 2017

ES Chart analysis after closing bell

  • ES 4 Hour chart shows price near crucial support zone of 2415.
  • Daily too has a rising 50 Day SMA as support. Break of these two levels may lead to bigger correction.
  • Weekly shows negative divergence.  This can either work well for bears with good correction or price may start to move sideways followed by an upper breakout. I am expecting a correction if price start to trade below 2400 levels Targeting 2315 levels.