ES 887.xx as I write this. FV moving lower, close to 850 imo. I might try a buy at 842, but I have to see what the dynamics are when we get there.
Critical support at 820 within a stone throw pre-market. Probably close to 90 delta we test that level today. I would not buy 820 [last time I said that I gave up 80 handles to the upside because I didn't react to the rally]. Generally, the chart pattern is continuation pattern to the downside. It appears that an auto bailout is worth somewhere about 150 handles to the market. If you believe that 820 is the pivot, and 900 as some sort of holding pattern from that 820, then the downside target is the low of about 750 and an upside target somewhere around 970. The one thing to pay attention to in the next few days or even today, is the possibility of the BOJ doing a Yen/Dollar currency intervention. If that happens, we may get a violent pullback higher, with a likely denoument lower. In fact the action in currencies is already violent as I look at [our] overnight action. I hate to say it, but a massive flushing is still coming, imo.