Not many new developments in the markets today, regardless of higher high and lower low being made. The resistance level still remains the big 1014 - 38% retracement of the bear market, along with backtests of two previous trendlines:
With intermediate term resistance level being retracement zone from the highs - ES 998.75, with break above 1001 making retest of highs likely.
989s - today’s low, 1 week 61% fib and also previous s/r level
984-986.5s - 2 week 50% retracement as well as previous spike high, and 984.5 gap fill from 7/31
974-975 - 7/29 gap fill as well 23.6% retracement of the whole 3 week rally
- Will also be keeping an eye on 200ema hourly laminated with these support levels, it should also be key level, its almost been a month since ES touched it.
Everything will be up to the job numbers tomorrow 830am EST
This record sentiment certainly has to be a warning sign, but so far those 77.3% bulls have been right riding the wave of panic momentum buying, tomorrow should be one of most telling days in a while.
Today’s % of average range summary:
BPU09 149.0 - Huge day due to BOE
ESU09 109.3* - Indeces all traded above average range
For bears to get something going, they would need to break these support levels and likely put together a trend down day squeezing some of late longs without having their work be nothing more than a buying opportunity for end of day ramp up.
Tomorrow will be huge day, will keep you posted on intraday internals and technicals via my twitter account @esecfutures, now you can also find the widge with my latest update in the right sidebar.
Good luck and good trading tomorrow