ES (Emini S&P 500) has recovered 7+ points off of its overnight low at 2116.75, after hitting a low of 2107.75 last Thursday.
Increasingly, it appears that the bulls have drawn a line in the sand in the 2120 to 2107 zone, which they will defend unless and until some bearish catalyst emerges that forces them to abandon it.
Conversely, the bears are all about defending the 2140-2145 resistance zone within a dominant downtrend period that became especially acute after the last presidential debate on Sunday, Oct 9.
ES has been weak and on the defensive since then, which could be a sign that investors expect Hillary Clinton to be the next POTUS, but also that they are really not sure what his policies mean for the market.
In any case, the near-term demarcation zones have been drawn: 2140-2145 vs. 2120-2107.