Last night, ES hit a high of 1056 and then declined to a low of 1046 around 6:00 AM. They have mildly bounced off the 1046 low and are now at 1047.
1046 is an important number, because it is the low of yesterdays last hourly candle. The low of day yest was 1041 ES.
Important pivots for next 2 hours: 1046, 1051, 1056.
Scenarios:
Bearish: If 1046 breaks then test 1041, and then targets in post below.
Bullish: Bounce from 1046 to 1051, then hurdle 1051 to test 1055, 1058, 1060, 1063, 1066 then targets in post below. If 1062 is hurdled then 1066 is likely, and if 1066 hurdled then higher targets also likely.
* 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".
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