ES futures updates....

Perhaps later I will post some charts and more details and scenarios. This is what I see right now.

Tuesday 6:13 AM EST

Another near perfect touch of the target.  ES did the bounce from 1068 and hit 1072.50, a near perfect crawl to 1073 target, and then went back up to 1071 (last price). 1073 HELD AS RESISTANCE. AGAIN THIS IS SIGNIFICANT, as mentioned in Monday 8:02 PM below. For the next 10 hours, as long as 1073 holds, the ES is BEARISH.

ES is currently on the way to testing 1073 again now, with 1072 still minor R. If 1072 holds, then expect another move to 1068 and an eventual break lower. Further, ES is now in a down channel (slight) but that can easily be reversed upon market open at 9:30 AM.  However, until it is broken, the bias is down.

Monday 11:51 PM EST

Well ES continues to behave. It went to 1068.50, just 1/2 point from the 1068 target. Then it bounced up. Now, watching the 1073 (tho there is newly defined micro-R at 1072.25). If 1073 breaks higher, expect 1077 and then higher (i don't think that will happen, but it's the scenario). If 1073 holds as R, return to 1068 again.  Likely, ES will range trade until Europe opens.

Monday 9:43 PM EST

As anticipated, the ES continues its slow descent to test 1068.  Watching to see if 1068 holds or break lower. Last ES 1069.50.

Monday 8:02 PM EST
Watching 1073, then 1077 or 1068.

Right now, the 60min ES is coiling (sym triangle) and the bias is currently down. Now usually these coils resolve in the direction of the trend (in this case UP), but other indicators suggest a downward bias, for now at least, until 1073 is hurdled.

I think it is significant that the ES futures are still trading under 1073, since 1073 was support all day during the daytime session, until it was broken late in the day with a decline to 1068. Now, we will see if the previous 1073 support becomes resistance; as I write this, 1073 is the new resistance before 1077, since it has held as R thus far.

Until the European markets open, I see 1077, 1073 and 1068 as the key numbers to watch.  If the bulls do not hurdle 1073, then the risk of a decline to the numbers below is probable. However, let's remember that ES can decline to 1056 and STILL maintain it's bullish profile.


Key ES numbers:
1077: Primary short term resistance. Look to see if this holds prices down, or if it breaks higher. Right now,  the charts suggest no higher break. It is also the previous MAJOR high. A sustained break over this could propel ES to 1103/1120 (with ups and downs along the way)

1073:  Monday's support for the day.

1068:  Monday's low of the day. Also prior significant high.

1056: Watch to see if this holds prices up or breaks lower. The 1056 is also close to a prior signif high as well as the breakout higher level.

1046: Prior significant low. The bulls need to defend this to prevent 1020.

1037: Support from prior high, shelf breakout support.

1026

1021

1012: Recent MAJOR low. If this breaks lower and sustains, I'd expect fireworks.

* ChristopherStockGuy is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. For details, see the post from SATURDAY, AUGUST 15, 2009 titled "Disclaimer".