$ES - Needs to clear 3905 this time or there will be mayhem

$ES has show bullish reversal sign last couple of days, but despite the strong bounce in growth names, index hasn't caught up with the volatility in individual stocks. Sell off at these levels will cause ripples that would be hard to contain. Not saying that it will happen, but be prepared for such scenario.
Key Levels to watch:
Upside - 39005 (Claim and hold should accelerate buying)
Downside -3860 (Close below invalidates long case)0
Pivot - 38340 (Flush below)