A failed breakout higher may have left a temporary high in place if the ES, driven by cash market outflows on the month end close, can hold below prior support at 1998.25-2000.25. However, the bigger picture remains bullish for now and the underlying NYSE internals can help determine the strength/commitment of any directional move in real time. A re-test of the old all-time high at 2185.00 is the next major area to target on the downside and I am looking for a strong buying response there on the first test.
A move back above the micro bull/bear at 2198.25-2200.25 keeps the short term bias as neutral with potentially a strong response by sellers at the initial resistance zone (2205.50-2208.00). Holding above 2208 with strong underlying internals puts the bull back in charge and a challenge of yesterday's overnight high likely.
Initial support is at 2190.50-92.75 and if an initial move lower is defended strongly there then I would expect to balance IS and IR