ES 1118

There is resistance around 1118 in the ES.  This will be a likely stopping point for any rally in the overnight market.  On the other side, ES at 1111-1112 is strong support.  I expect the overnight trade to continue to be strong, leading to a healthy gap up.  I don't think we have enough strength, especially on a Friday to gap and run higher.  We'll likely range trade for most of the day between 1111 and 1119.  I plan on trading that range. 

Reversal of early weakness out of Hong Kong will eliminate some of the China worries in Friday's trade. That should allow us to close near the high end of the range.