Thanks Mike, and well-reasoned as always. Based on price action over the last few sessions, including the overnight, I think if the market is topping, it will be with an expanding terminal (broadening megaphone) on the ES.

Below shows a 1020 minute chart, which separates the day and night sessions at the 9:30 am open (EDT). If that is the case, 1342.25 should be briefly pierced to the upside to chase the cheap stops on shorts and also trigger breakout longs.

Name: es 1020 7-6-11.PNG Views: 317 Size: 60.9 KB