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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