Potential Topping Point Today at 1327 ES

Too early to tell, we need to see how the day closes. But Shorts here at 1324-1325 make great entries with low risk. Could still be a final shake-out before the end of the day, but I am expecting a market reversal. If we close today above the current high, this viewpoint will be negated.

Market Indecisive Into the End of the Trading Week

I will be waiting to see if the market can find direction this morning. If ES can trade back above 1317, it will be an indication of a continuation of the moderate strength from yesterday. A retest of the highs above 1320 will represent the 6th such test in the past 5 days and could result in higher highs. At the same time there is a slight downward trend emerging over the past 3 days, so we'll see if we get another lower low today that would fill the gap from the close 1 week ago.

Levels to watch today on the ES:

Resistance above at: 1316-1317, 1320-1321
Support below at: 1308-1310, 1305-1306, 1299-1301, 1295-1296