My brief observations on the 60 minute (extended hours) chart of the S&P 500 E-mini Futures Index(ES) are as follows.

  • Monday, April 9 Daily PP (pivot point) R1 (resistance) @ 2651
  • PP S1 (support) @ 2571
  • PP is @ 2617 (price is currently just above)
  • plus Monthly VWAP @ 2611 (providing major support…price is currently just above)
  • 50 & 200 MAs in between PP & R1…50 has crossed above 200
  • We have a big range in between Monday’s S1 & R1, but, if price holds above PP, we may see a retest of R1 at some point…otherwise, if it beaks and holds below S1, we could see price retest Feb’s low of 2529 (Monday’s S2 is 2538), or drop lower.

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