Thursday’s trade continued to trend higher for the morning session.  The ES  did reach resistance at 4420 and then spent the balance of the session moving lower. It is too soon to tell whether or not today’s high marks the completion point for the Minor wave 2 bounce.  Therefore we still need to allow for additional upside reaching higher into the resistance zone which runs from 4440 to 4450.  However, if the ES breaks below the hourly 20 MA and then again below the hourly 50 MA at 4365 and the hourly 200 at 4356 it would build a much stronger case that the Minor 2 correction is complete with the Minor 3 decline underway.  Minor 3 should contain stronger periods of acceleration to the downside and ultimately below the low at 4260.  Expectations would be for Minor wave 3 to drop the ES below 4000 before it completes.