Backend Support and Fib Support

ES #F 071406
Originally uploaded by TraderZ.

As the daily chart indicated, we had a nice drop yesterday to projected targets. Overnite globex found support at the .786 fib level of 1242.00 ish and we had prior backend support at 1246.75 for a nice bounce to globex high of 1251.50. We will probably range for today after yesterday's nice trending move. We have fallen thru the lower tong of the Andrew's Pitchfork, so a retracement bounce could go back to test that lower tong as resistance at the 1256 to 158 level. Lots of resistance in this zone.