The ES has established value around a new minor point of control at 921.75 on a very low volatility/volume day.  Overnight, longs will likely come in at 919.00 (day-session-only pivot), then 915.50 (50% retracement off Globex range), then major point of control at 913.00, which we expect will contain price action until the 9:00 am EDT housing report.  To the upside, 922.50 to 924.00 (today’s point of control to today’s high) will serve as heaviest resistance, then Fib/daily R1 confluence from 926.25 to 927.75, which should contain price overnight as well.

The Precise Take – ES trading in middle of range into final days of Q2 09

As we write, the ES is testing the 919.00 high of Friday (high 918.50) and, should the markets open here, would likely gap above the NYSE advance:decline ratio resistance, which usually gives the markets some bullish fuel.  918.75 to 919.50 is 50% and 61.8% Fibonacci confluence resistance and the last major barrier before the 922.75 to 934.75 volume gap.  A failure below this area today or tomorrow will make it difficult for the ES to return to highs.  After all, if the tape painters cannot drive this market up, than who can and…

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