11:12 am EDT: After several attempts, the ES finally broke through 1122.75 resistance and is heading to the next resistance level of 1126.00 to 1127.00, which includes day-session-only R2 and the upper end of the volume gap. Above lie major resistance from weekly R2 at 1128.50, day-session-only R3 at 1129.25 and monthly R1 at 1130.50. Although the projected range was broken, it took a while and low relative volume does not suggest there will be a trend day. This implies that there should be a shorting opportunity somewhere between 1126.00 and 1130.50; however, we cannot project exactly where ahead of time and would need to rely on price action. As always, fading a move outside the projected range is aggressive and requires experience to execute.



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