An approximate 100 point range on this ES consolidation could, at some point, produce an upside breakout to around 1450ish or a downside breakdown to around 1130ish (approximately the 50% retracement level of the big plunge from September 2007 to March 2009). The current OPEX 2011 range on the YM & ES has already penetrated into the last red OPEX candle of May-June 2008 immediately before the next stair-step down and big plunge...whereas, the NQ & TF are well above and poised for new all-time highs. The current OPEX candle on all 4 e-minis is a bullish engulfing one, so far...the NQ is an "outside" bar, so far...the others have higher lows than the last candle, so are not "outside" bars.
The OPEX Heikin Ashi candles on the chartgrid of the YM, ES, NQ & TF show a sideways trend for this timeframe.
Whereas, the Weekly Heikin Ashi candles show a trend reversal to the upside so far, but this would need confirmation on next week's close.
There is no hint of a reversal to the downside yet on today's Daily Heikin Ashi candle...although my RSI levels are running a bit hot.
My guess is that the MMs push these 4 e-minis up as high as they can before OPEX next Friday before we see any kind of a decent retrace...maybe a "pop & drop" formation on the OPEX timeframe.
One last thing...that is that price on my NQ Daily chart is now back up to the rising trendline that used to form the "Pink Diamond" pattern that I've mentioned in previous posts. It already tested the lower one and below, so it may "mirror that action in reverse" and keep going up to the next resistance level of 2441ish.