The Precise Take – ES trading in lower end of last week’s range

General Analysis:  With all our leaders at support or resistance and consolidating, we are expecting an extended move to begin soon (likely this week), perhaps with Friday’s Employment Situation report being the final sendoff.

Trading Today:  While we aren’t prepared to sound the alarm bells just yet, the ES is trading lower overnight, having breached daily S1 (low 1019.25).  Without any major news, a week Chicago PMI at 9:45 am could lead to a larger selloff.  We are willing to fade short a move into the 1027.00 to 1030.50 area, and become intraday bullish above 1030.50.  The ES is currently in our intraday bearish area from 1022.00 downwards, though we would fade long the 1014.75 to 1015.25 area that contains last week’s low and weekly S1.  Below that, and…

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