Friday’s trade was interesting in that the ES did manage to run up to a new all time high at 4551 before jumping off the cliff and dropping $36.  However, it is still too early to summarize that additional new highs are out of the picture.  There are enough earnings reports to come out with some heavy hitters included. FB reports on Monday, AMD, GOOGL and MSFT on Tuesday, and AMZN and AAPL on Thursday.  While the wind has been knocked out of FB, AMZN, and GOOGL, I don’t know if the final count has been heard.  The ES still carries an equal probability of moving to new highs above 4551 or moving below 4500.  Calling it becomes a 50/50 shot.  I will add that I prefer to keep open to either happening by allowing the market to tell me.  Which ever move shows up it should be tradable and as a day trader I prefer the volatility to come to both the upside and downside.  So, while I wait for the hourly and daily picture to clear up as to the near term to daily trend I will trade what is in front of me.  I have included additional Fibonacci extensions to cover an downside break.  The upside should find resistance at 4537, 4546, 4551, and then 4560.  Downside should find support at 4523 to 4515, 4500 to 4495 and 4487 to 4473.  Trade smart, use the moving averages to guide entry and exits and help direct trend, use Fibonacci levels and Elliott levels to also help direct trend and possible turning points.