Today we will be using 04-06 as our bull bear zone. ES broke out of the recent balance yesterday but failed to extend. Therefore if ES can hold below 04-06 we could see us test the 90.5-92.5 area. Where i would expect buyers to step in on first test. Note, If shorting from Bull Bear scales at the 97-98 area would be sensible. Whereas holding for the full breakdown to 92.5 would be a more aggressive play. Below 90.5 we have 83-81 which could cap any big selling momentum on the day time frame.
If ES gets above 04-06 we have 08.50-10.5 where we could see selling on first test, we must judge this setup intraday based on where the days value is and whether it provides a good risk to reward in real time. Above here we have 17.25-19.25 which could provide good short opportunity on first test. If ES has big upside momentum however after yesterdays failed breadown, then ES could easily go back into Bull mode and break above the 17.25-19.25 zone on good internals, so judge this intraday. There is no hard resistance above here so be cautious shorting above 19.25.
Today we have ISM at 10am EST.