S&P 500 E-Mini futures had a retracement on Friday from a ‘lower than expected’ jobs report. The ES support held at the 200 day moving average in early July, this coupled with the apparent Greek debt solution caused an amazing 100 point rally in just over a week. The rally tapered off as we hit major resistance at the 1340 level. We may enter a time of consolidation with the 1336 level being the point of control. 1336 is the level to watch if we can hold through early earnings this week I have set 1383.50 as a price target. If not we may continue the retracement down from last week’s rally but find support at the 1300 level. If 1300 holds its back up again.

Primary bias is upward into August with possible small retracement.

Price target upside: 1383.50

Price target downside: 1300

Pivot Point: 1336

Support : 1300

Resistance : 1352

10 Day 1 Hour chart showing 23.6% Fibonacci retracement as pivot point.

1 Year Daily chart showing Fibonacci extension level hitting 1383 price target.