Monday’s trade was range bound and on the slow side.  The ES initially rallied back above 4700 reaching a high at 4707 before turning lower and remaining in a 14 point range for the balance of the session.  Current analysis as presented on yesterday’s update remains valid moving forward.  I am continuing to leave open the potential for the ES to again pick up the rally and move above the current high at 4711.75 and on up towards next resistance at 4734 and then 4765.  The pattern off of Friday’s 4711 high could be can viewed as the beginning stages of the expected Intermediate “C” wave down.  If this is the case the ES would likely begin to slide lower as prices break below the 50 MA and support at 4665, 4652 and 4640.  It may take another day or two for the markets to determine direction.