ES from a more granular perspective shows that the negative night session reaction to the Fitch downgrade pressed the index to the lower support boundary of the zone from 4600 to 4550 (discussed in my updates throughout yesterday's session). The overnight low was 4552.25, which means that ES has sliced through 1) The Weekly Pivot at 4598.17... 2) The August Monthly Pivot at 4564.17... 3) and has tested-- and HELD just above-- the up-sloping 20 DMA, now at 4550.
For the totality of today's session, my constant focus will be on the juxtaposition of ES with its 20 DMA. A close beneath the 20 DMA will be a very negative near-term technical "event," and will project lower prices into the 4440 target zone thereafter.
Conversely, to regain upside traction, ES needs to claw its way back above 4585/90 ... Last is 4571.25