The daily on the /ES since it shows overnight data is showing a very likely sharp drop, that candlestick pattern with the inside days indicates selling pressure which would lead to 502 and 497 rather quickly. The bulls case is to hold on to 508-511 and get price back to 515. 511-512 needs to be defended if they’re to pull it off, there’s going to be some rocky action ahead of tomorrow’s FOMC. Our scenarios are built around that underlying push and pull.

1) Price above 511 target 512, look to see if price can hold above 512. This should be tough resistance if bears have some control, play the zone 511-512 until it breaks.
2) Below 511 comes the pre-market low around 510.30, then 509.59. Should be support here, if so play the bounce. If not below 509.59 comes 508.11 easily
3) Above 512 we’re starting to play back in prior day range, target 513, 514, 515

William Wallace