Thurs eve / Friday pre-market ES Futures

Friday 8:24 AM

ES acting as expected. ES hit 1060 again and bounce up, but THIS time to a lower high at 1064, and is now at 1059. Bias is still down, with same targets as mentioned below. 


Friday 5:26 AM

Well ES hit my first target at 1060 (actually 1060.50) and bounced up to 1067 (my key ES number below). Then 1067 held as R, last  ES is 1062. Now, for the next 2 hours, 1064 becomes a pivot. Above 1064 suggests 1067 and a move to higher numbers below. Less than 1064 suggests 1060, 1056, and the lower numbers in the post below. At this moment, bias is down.


Thurs. 11:12 PM
Since it's still early in the nightly session, I'll keep this brief.  Right now, the charts suggest a decline to 1060 and then to 1056 (possibly only 1058).

Key ES numbers:
1067: 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.

1076: Previous MAJOR high. A sustained break over this could propel ES to 1103/1120 (with ups and downs along the way)

1056: Overnight support. 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".