By Darren Chu, Founder, Tradable Patterns

The S&P500 (ES) edged higher yesterday, but continues looking vulnerable to a selloff from just below upchannel resistance (on the weekly chart). Along with the other index futures on my Watchlist, the ES may see notable downside pressure today following the monthly US Non-Farm Payrolls (NFP) at 830am EST. The weekly, daily and 4hr RSI, Stochastics and MACD are toppish, trending lower, or consolidating recent losses. I am flat and will look to go short intraday on any initial bounce (following NFP) into the red zone (on the daily chart), with a downside target of the green zone by early next week.

S&P500 (CME ES Mar17) Weekly/Daily/4hr/Hourly

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