The September e-mini S&P (ES) managed to break out yesterday above the 1291.75 pivot and is still above 1300. Even with that move, the current technical setup is far from bullish. One could argue it’s a bear flag, or a rising wedge (reversal pattern). See the chart below (Source: TradeStation). ES was unable to close above the 1307.50 level yesterday, lets see if it can stay above 1298 today. Since our comment on the 5th that the e-mini Nasdaq 100 (NQ) could be a directional bellwether, it is up over 6%, while the ES is up just over 3%. Support @ 1298, 1291.75 (pivot), 1286.25, 1276.25, 1270, 1256.75, 1248.50 (pivot), 1235.25 and 1222. Resistance @ 1307.50, 1321.50, 1332.75, 1343.25 (new) and 1350.