9:16 am Eastern  - The futures pulled price back down to the 652 area in the premarket. That level, which we've been aware of for over a week now, continues to be important. If the bears stay active and are able to pull price down more today, getting below 652 opens the door to some other levels of potential support. They are designed for Base Hit trades. Until we get a signal of a longer-term trend change, we have to go with what we see in front of us, which at face value, is still bearish. We talked about the possibility of some bigger than usual swings in the meantime, and rallies are possible. With that in mind, we need to be aware that levels can be spiked more than usual - or even ignored. If or when volatility increases, consider reducing position size. And as always, keep an eye on the longer timeframe charts and look for additional confirmation that a level should be support or resistance as price gets close to it.

For the bull case today, price would need to stay above 652 for starters. Then, if they can get price above yesterday's high of around 662.60, then there's a better chance they will try for the trendline again. But it'll take some work for them to get up there. There's also a zone between 664.08 and 664.64 that the bulls would need to fight through first before reaching the trendline. The trendline runs from about 665.80 down to 664.40 for today. The zone up there at the top of the chart, along with the trendline could represent some good resistance. If price breaks through, that's good for the bulls.

For the bear case, they'll probably want price to get below yesterday's low. The level at 644.50 is the line in the sand today where the bulls would need to defend if they don't want the bears to come out to drive price down even more. As we already mentioned, the landscape is ripe for big moves, so we need to be careful. It's possible for price to get pushed way down, and then a ton of buyers show up at one or more of the support levels below price, forcing price to rally for a bit. Eventually, we'll probably get a signal or two that price has reached a mid to long-term target and the pullback could be drawing to a close. But as we've been saying for a while now in the Weekly Recap videos, there is plenty of room on the downside in the big picture where price could go to and the overall market still remain bullish. The weekly 50-peiod moving average, which price almost got to and bounced from last Friday is at about 646.40 and rising for today. Keep an eye on that as possible support again if price gets down there. 

There are PMI data releases at 9:45 am. Considering where price is right now - kind of on a precipice - a data release like that just 15 minutes after the opening bell could be the catalyst to something big. And it could go either direction. Be careful and be aware of your surroundings leading up to 9:45 am this morning. Trade well!

Trading by the Ticks & Trades Strategy, here is where you would have landed for the day:

It was an easy day. One level was hit and it gave us a trade on both sides of it. 

The first Base Hit was pulled on the short side when price came up into 652.70 at 10:08 am. A few minutes later, that short position handed over at least 4 ES points. 

The next Base Hit was when price came back down into the same level from above at 1:06 pm. The long trade worked well for the Recycle Trade because the bounce from there gave you 4 ES points pretty quickly.

Per the rules, a total of 8 ES points for the day.