The ES has dropped 10 points further than I estimated this morning. The May 25 and June 8 lows in the September contract were 1032.75 and 1037.00 respectively. The low today (so far) has been 1037.50.
I think the low for the day has been made. The next development should be a rally of 20-30 points. I had been expecting a low visibly above the 1032.75 level. The fact that the ES has dropped so close to that is a sign of weakness. If the market breaks below 1032.75 then the next support I see is roughly the 1000-10 zone.
Will 1032.75 hold? I just can't tell. I do think that any move above back above 1075 would be very bullish.
I still think this is a bull market, even if the market drops as far as 1000-10. I still expect to see 1300 by the end of the year.