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Consolidate or Retrace Here (by Springheel Jack)

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I mentioned yesterday morning that statistically we were likely to be close to a period of retracement or consolidation on ES/SPX, and that has now most likely started. On ES a candidate short term double-top has formed and ES has broken below both the 50 and 100 HMAs. The 200 hour moving average is the other support level to note and that is now in the 1538 area. That's particularly worth noting today as the double-top target on a clear break below 1547.50 is the 1537.50 area which is a close match with the 200 HMA: