June 9 2010 ES Prep Posted

Premise for today is to see if price can extend 1069.50. We have already put in inside support overnight and had a powerful reaction off it overnight. I am looking for a test of 1069.50 likely prior to the open and a pull back. I will watch the 1063.50 area for pattern confirmation of an initiation of an extension attempt. If price moves back down to 1053.50 inside support, look for potential range 1053.50 - 1069.50. If 1053.50 does not hold, look for retest of 1041.50. The line in the sand is 1069.50. If this breaks, there will be an attempt to move back up to 1106.00. If it hold, price will attack 1041.50 and likely extend down. I have illustrated my execution areas. Short side will be tough today but worth hitting if 1069.50 starts to hold. Bias for this AM is up.