4:15 close at 54-55 points to 64-65 4:00 close points to 66-67 66-67 is the up channel top if you use RTH only data. It is also 3rd push up visible on 30-min and up timeframe Gap open up there will be picture perfect selloff. Sold off hard overnight from 64 also looks promising. Even if ES is bullish, it still needs to break out of an upchannel to be able to form proper bottom.
I do see a good possibility for 72 though in the overnight session, without turning bullish. So long we don't stay up there all day tomorrow, the bear should stay in control. Thursdays though are known for a modest rally.
If overnight trade below 55 and that 55 turns into resistance, the 3 pushes up is complete and points to a retest of Wed day low. It is a very high prob setup but you need to print below 55 first. So, if ES turn back up from say 56 to 58 (here), yeah 66-68 in play then. Vol like picking extreme, I only jump in on confirmed setups. =)
On daytrading basis it is rare that you need more that 2 to 3 points stop. For bigger formation that crosses multiple days, that becomes a function of the volatility and that becomes something difficult to control.
Overnight target set at 1235 - just in case of an early morning big down move. If I get stopped out at 1270, still plan to go short in the short term. Goodnight.