Well the ES plunged to 982.75 thus far in ES overnight trading, decisively breaking important support at 998. The 982.75 is very close to the Aug. 3 breakout higher point of 981.
The bears remain in control now as long as ES < 997. However, as nasty as this looks, we need to beware of the bulls stepping in around the 985 level, which could propel prices over 1016.
Bearish: Any advance today makes it no higher than 997. Ability to hold ES under 992 sets up the bears for a powerful nasty plunge lower to 972, 963, 950/46
Bullish: Bulls would need a powerful advance up, breaking above 992 and 998, then need to test and hurdle 1007 if there is any chance of them getting to 1016 or 1025/50.
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