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1. Yesterday, ES failed to show continuation to the downside, leading to a false breakout. This is a bullish sign, however we need to see buyers step in to test and break the top side of balance. O/N ES traded in a range.
2. This morning, there is a gap fill at 2978.50, where buyers could be active along with premarket support at 2972.00-75.00. Buyers are expected to defend this area. If this breaks to the downside, sellers may gain confidence and take ES lower, testing minor resistance at 2965.25-67.25 or yesterday's POC zone 2960.50-62.50, and 2955.00-57.00. other zones are identified.
3. Premarket resistance is at 2984.50-87.50 and initial resistance at 29891.50, which marks the top of balance. A break above this on high momentum puts the bulls in clear control for the short and intermediate time frame. ES can test 2995.00-97.50, 3001.00-02.50 and even 3005.75-08.75.
