ES futures Sunday eve /

7:15 AM
After multiple pushes against 1038, ES was able to push up to 1041.50, which acted as resistance again. The stall at 1041 was expected per the "bullish scenario" below. It is also close to the 1042 key resistance level noted below. The charts suggest that ES will decline in the next 2 hours, BUT the ES charts are much less reliable at this hour, because volume increases at these hours up to 9:30 AM.

10:51PM
ES continues to test and test that 1038 in low volume right now. This confirms the importance of it. Charts suggest that it will not break over it, that it will hold as R, but the multiple tests could break it higher.

9:27 PM
Thus far, ES has made a high of 1038.25 and a low of 1028.50. Of course, it's early in the session, and they have many hours to trade before the open.

Most likely scenario (esp until 4:00 AM):    Range trade between 1028 and 1038, with supports and resistances in scenarios below.

Bullish scenario:          Break over 1038 for 1038, 41,43,48,52,56 with 1038, 42,56,64 as the key targets

Bearish scenario:         Hold 1038 and decline to 1033, 1035, 1028, 1021, 1012

Key resistance levels:                  1038, 42,56,64
Horizontal resistance levels:        1038, 41,43,48,52,56
Overlapping Resistance levels:   1037, 1041, 1046, 1050, 1056, 1064, 1080

* 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".