10:43 am EDT:  After a test of yesterday’s high, the ES failed on a disappointing Pending Home Sales two points below at 1123.00 and has now broken the lower end of the projected range.  It will probably find some support in the 1113.00 to 1116.00 area, but we made the lower end of the projected range higher than usual because of the risk of a larger selloff.  Indeed, there is a head and shoulders developing on the 60 minute with 1113 to 1116 as the neckline depending on whether day-session-only or combined session data are used.  The daily pivots at ~1119 should now act as resistance.  A break above keeps the medium term rally in tact.