I am starting this briefing section to help me and other ES participants have a clearer picture of whats going on and the day ahead. Im not selling anything, so please no bashing. Other ES participants feel free to add your comments. Im a daytrader and don't hold positions overnight. Hopefully it can be of good to everyone. Comments re previous day: Oil spiked above $70 causing some selling pressure, but late afternoon buying on good volume as oil fell back down. action was mostly within the day's before range. New events for today: 8:30AMEST Gross Domestic Product consensus 3.5% 10:00AMEST NAPM - Chicago consensus 61.0 10:30AMEST EIA Petroleum status report Earnings announcements today: Freddie Mac(FRE) Tiffany & Co(TIF) Key levels for today: Top of downward channel around 1212. S/R line around 1210 baseline support around 1202 multi-day resistance at 1214 PDH: 1210.5 PDL: 1201.5 PDC: 1210 Trend: Short term: DOWN Medium term: UP Volatility: VIX yesterday: 13.65 short term cycle: range expansion still un-decisive though Pre-market comments: I think investors have some work to do today. combing over katrina, and who's feeling it the worst and how bad. GDP report, how are we growing? and where? too slow -> not enough profit potential or too fast -> inflation/rates. up side is that gov. is helping oil supply. pre-market volume is good and there is some early movements as we speak testing 1212 level, oil is holding under $70. i have no bias here today, just waiting on those news announcements and there implications, otherwise we could be in for some more range bound action. j.