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ES: Update

9/22/11

10:37EST

ESZ11:

We just bounced off of the floating OAV (from 8/26) at 1136.00 green dotted line in the chart; Its still early but 1136.00 stays intact as the now term high we’re heading down to 1093.50/1096.50 (1st stop MAJOR) final destination 1009.50 and down to 1105.00 (final MINOR)

In 12 to 15 minutes we should know

 

In the event we go through 1136.00

I’m looking for it to reach 1144.75/1145.00 but still early to know exactly

I had been expecting the floating OAV to send the market back down after reaching 1096ish and then bouncing, normally its resistance properties are more efficient upon longer movements as opposed to a mere 15.50 point move, the Floating OAV also gauges market strength, if it holds as the now term high, this is very bearish