As noted yesterday, on Monday the major Control migrated to 5244.5. Tuesday’s Value Area was generated entirely above that level which means for the first time this month ES is in a strong position. Bulls should look for 5244.50 to hold as Support or be recovered quickly on a test. Time below that level would now be a problem for bulls. (Note that the major Control for NQ is now at 18207).
There is natural Resistance at 5533 (dashed line) which is the 1/2R from high for June contract (NQ = 19559) Price printing time above that level would be the next positive for ES.
