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ESZ11: Morning Update

 

9/19/11

9:15EST

ESZ11:

 

Big gap down last night; based on the European (Greece) crisis,

But the ES simply was simply over-extended to the upside

Last Thursday it was getting ready to head back down, but then the Central banks dollar news came out and it continued up, but never the less since 1180 the move up was much too exaggerated, therefore this current move is correcting was needed to be corrected, which increases the move.

Never the less

Not closing above 1197.25 (15m one bar) means we’re heading down to 1175/1178.50

I clearly don’t see taking out 1070 on this current move down

In fact doubtful we trade below 1150

It could well reach 1164.75, but that’s still a question mark,