The ES is in a surprisingly tight 5 day balance amidst Comey, Trump, the UK general election and now contract rollover. The longer the balance remains, the odds are high for a more dramatic breakout of either side. Early focus on Friday could be on the three similar, very prominent points of control from the past three balanced trading sessions.

There is now no excess near the all time high for the short term, with matching highs at 2439.00. A look above and fail scenario, repairing the poor high and returning back into balance, could potentially occur depending on where price opens on Friday. A look above or below balance and fail scenario potentially targets the opposite end of the balance.

Acceptance below Thursday’s low potentially targets the prior all time ES high from May 25th at 2417.75.

Price Acceptance above 2439.75, if an upside breakout occurs, resumes the upward rally and puts price in more uncharted territory. 2439.75 would potentially become support.

Other potential scenarios: look above or below the 5 day balance and accelerate higher or lower/find acceptance – or remain in balance.

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