The September e-mini S&P (ES) ended up testing 1261 yesterday as we had anticipated and didn’t stop there, getting as low as 1251. Overnight, it got down to 1249.25, staying above 1248.50, which we will now mark as a pivot. The thinking is as follows: a move (lets say 1 or 2 handles) below 1248.50 and it looks like ES will eventually get below 1200, a move above 1276.25 and it will get above 1300. Reiterating yesterday’s point: “At current level, ES needs to resolve the unsustainable current uptrend – either by consolidating or moving lower. A consolidation tells us there is more upside to come, while the outcome of a decline would be dictated by how low ES goes.” Support @ 1248.50 (pivot), 1241.25, 1237, 1229, 1218.75, 1204, 1190, 1180 and 1165. Resistance @ 1255.25, 1261, 1268.75, 1276.25, 1286.25, 1291.75 (pivot) and 1298.