Week 16 ES weekly candle is a weak red candle closing slightly below the close of Strong green weekly candle from Week 15. The close of weekly candle (5312.75) is above the OLD support area around 5286 which has acted as a major support/ resistance area in the past. Although the movement in the past two weeks has been news driven, but the long range moves (daily and 240 minutes) have been broadly following technicals. Therefore, one can safely take positions at Weekly and Daily  Sellers and buyers areas. Although a higher low has been formed during Week 15 and 16, we should wait for price to drop into a major buyers or sellers area before taking a position.