Friday Session After Thursday's Divergent Equity Index Action. A Look at ES...

ES (Emini S&P 500) is under pressure this morning, after managing to circle unchanged for most of yesterday's session despite weakness in the NDX and the Russell Small Cap indices.

Today's weakness reflects the first meaningful selling pressure in the past 11 sessions, but so far has not inflicted significant technical damage to the nearest-term uptrend, off of the Jan 31 pivot low at 2262.25.

To do so, ES will have to violate 2338-2337 on a sustained (closing) basis, which will trigger initial signals that the 100 S&P point upmove during Feb is taking a breather.

Such a scenario will point ES towards 2300 initially.