Following up on yesterday´s post, ESU found containment 3 ticks below of 1598 during the O/N session, as provided as one of the possible scenarios.
Downward pressure broke 1573.50, but no sell off triggered below this level, as I was expecting within a possible scenario. Buyers managed to defend 1570.75, which marked new lows on ESU, a level not seen since late April, which also happens to be the level that ignited the one month-100+ pt. rally that brought the market to new highs at 1685.75 in May 22.
Choppy market today. As a very short term view, I will be looking into more downside, provided any rally gets contained by 1592 (white), followed by 1597.50 (blue) & 1602.50 (orange), as general guidelines.
To the downside, 1573.75, followed by 1566. If the latter fails to attract any buyers, I will be looking at 1553.75 as an extended target, all levels marked in yellow into the chart below.
I will be updating during next week.
Enjoy your weekend.-