ES #F 090706 Full Moon

Today we trade the December contract. Globex high shot up to 1314.00 on globex open last night. So far, we have fallen to 1308.25 (yesterday's open) for the globex low. The daily chart looks toppy, but it could stay overbought for quite a while. Today we have the official full moon.
Currently we have mixed signals, although the higher timeframes remain bearish. We have a gap above at 1314.50 and also a gap below us at 1302.75.

Update at 09:38 EST: We have mixed signals at the open, which indicates tough time to trade. Bias is for more eventual down, however, it would be better if we could go up to close the higher gap first before falling. Currently the 8min and 6000V are in position for more down, but 15min and 30min are not in position yet -- they in fact have a buy pattern in place. So long as the high at 1314.00 holds, we have a shot of continuation lower.

Note: The new contract opened at the same area as the old contract yesterday.

Updatre at 10:22 EST: Short term support at .618 of move up at 1305.50. 15min and 30min charts remain bearish.

Update at 10:35 EST: Since we made a .618 retracement .... expect a move back to the previous .382 as possible. The .618 traces out a bullish gartley butterfly pattern. 120min and 60min show no buy pattern triggered as of yet.

Update at 10:51 EST: We made 5 waves down into 1304.00 prior support.

Update at 12:07 EST: .618 fib target hit for the move up. 1310.50 is the .618 fib is on the day sessioin only chart. This sets up a bearish gartley butterfly sell short. We continue to have mixed signals ... so we will probably continue to be stuck in this range. This is a potential larger wave 4, with a higher high than 1316.75 for completion of wave 5. Watching carefully. IF market continues up, THEN upside targets to watch for are: 1312, 1313.25, 1315ish, test of 1316.75 and then higher.

Update at 14:00 EST: Test of Globex high at 1314.00 for a double top now and a good sell short entry. Possible 5 waves up into the 1313.75 high and test of 1314.00 globex high. We blew out all the short stops on the way up. Now we can retrace the last move up.

Update at 14:52 EST: Market finding short term support at the OP, with possible 5 waves down into it.