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ESH2
The SP500 shook down today testing major support at 1295 being the highs from Jan 13, along with a 50% retracement of the year lows 1259.75 to the year highs of 1329.75. The market made lows of 1296, failing to touch this level, keeping anyone with bids looking to defend it on the sidelines as the market has grinded higher making buyers chase the market up. At this point a close above 1309.25 is what bulls need to look for, followed by a move through 1314-1319 in the coming days for another retest of the 1330 level. Failure to hold above 1295 gives room to test 1286 followed by the Jan 13 lows of 1272.75. This would be a significant shake out of buyers along a break below the year lows to fill the gap, giving the ball back to the sellers as buyers do not want this gap to fill, to continue the upside chase and momentum.
