Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

ES: Bear bounce

9/22/11

2:39EST

ESZ11:

Initial compression readings on the bounce/spike

Is that it’s a bear bounce

As such 1123.75 is the new OAV (BB Bull/Bear divider)

Only in the event we trade above 1123.75 for 19 minutes or more can the compression flip over.

Never the less here’s the pattern

Pointing Down

Down Price Target: 1096.25

Up Price target: 1142.00

In light of the patterns volume; this is clearly a key pattern (Strong)