The Emini S&P 500 (ES) closed at 4123.25 on Wednesday in a consolidation session. Momentum continues to be on the bull side. Every dip into support has been bought this week, so expect a steady grind to hold when above the overnight low at around 4120.
Zooming out a little, this grind is working towards 4185-4200 and could get there as early as this Friday or delayed into next week.
The above targets are only valid when the overnight low, as noted above, holds; otherwise it means more digestion/testing lower first.
Basically, look at how the price action is respecting the 4hr 20EMA grind up for the past few sessions. Every single dip into support has been bought as we figure out which side remains in control and how it could shift.
There will be a bigger pullback eventually, but we must get a climatic move first and/or breakdown below at least the first trending support level. Keep it simple stupid.
Overall, bulls are in control in this environment for now. Volatility has been low, so take advantage of intraday/short-term dips into key support levels.