ES pulled back to retest its broken resistance level at the top of the consolidation range, which currently acts as a support level. Yesterday was a modest down day in comparison with Tuesday, when the market internals were more bearish. The move over the past two days should be considered a short-term pullback.
Today or tomorrow ES may have a final push up to 1153.50-1156.50 to complete the C top move, if the 1123 line (9-day ema) holds the price up. But ES can also continue pulling price back towards the 20/40 daily moving average lines to attempt to fill the 1105 gap before for the final push up. As long as the major psychological support at 1100 holds ES up, the uptrend remains intact and the trend could remain up until the next change in trend day, which is Oct. 8, 2010.
ESZ0 Daily chart
