In the event that the 1037 low does not hold support, where might the ES trade below it?
First level of support comes in at 1030-1032
Next level and a level I think is likely if we do trade lower today is 1023-1025.
Below that is 1014-1016
And finally the July lows at 1003
Worst I could expect today is 1023, but 1037 will have to break first.
If 1037 holds, we will need to see buying come in and drive price back up above 1051 and ultimately into the 1060s to erase the negative connotations of yesterday's move. If we consolidate today, and close again below 1050, that will suggest a further breakdown is imminent.
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