While it may be way too early to call, there are some hints that ES (e-mini S&P 500 futures) is potentially completing an A-B-C pattern off the summer's high. Potential bullish RSI divergence along with yesterday's exhaustive type move hint of some corrective activity ahead. That said, early in North American trade, ES futures are struggling at a key juncture near 4340 which correlates with a 1/8th retracement and Monday's low. A failure to clear this would quickly point futures back towards the 4300 region where a key 50% retracement and the 200-day MA lie. Further weakness at that point would potentially expose 4200 ahead of the 4130 region. Meanwhile, if ES bulls can somehow retake the 4340 juncture, this would immediately expose 4396/4400 area near the bottom of the A-wave.
