Not much time to shade the support and resistance levels below, but we’re presenting two scenarios for the overnight range (see gray colored rectangles.   The break of 941.25 or 938.25 will determine the direction.

Though the ES was not able to break morning highs of 949.00 and run stops, the close was not too weak.  Shorts want to see 944.25 hold overnight.  As day-session-only points of control (red line extending right off chart) often serve as overnight highs and lows, 943. 50 could be it.   If the ES breaks above, there is a R1 confluence area right around today’s highs, which should hold.  We expect 934.50 to hold overnight for the longs.

The 61.8% retracement from contract highs contained the market, but just barely.  Shorts covered into the close, so we could see further upside action on a Please Login or Register to read the rest of this content.