ES1!7557 is heading towards our 7.6 K target. https://www.meridianresearch.app/classic/notes/7779876b-9987-4557-9803-94b44465b04c It broke out above the key 7520 pivot zone on Tuesday, then tested the 7575 area on Wednesday and again after NFP today.
As the charts below show, 7570 is another key level before the 7610 area. Relative weakness in tech dragged ES back toward the 7520 support zone, but not enough to push the index below it. As long as 7520 holds, we will likely see further upside into the holiday.
A break below 7520 can extend the downside toward 7500, but that should be temporary given the breakout unless ES spends more than 2 hours below 7520.
On the upside, a break above 7570 opens the door to the 7610 resistance area.
There is a rotation going on beneath the surface, which is driving daily sector moves that last one or two sessions. ES remains neutral most of the time, but as long as ES holds above 7520, the overall direction remains to the upside.