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ES: Near the beginning of the end

9/28/11

12:18EST

ESZ11:

Still early but not reaching 1174.25 (we reached 1174.00) takes us down to 1152.25, below 1152.25 then down to 1147.25 and more likely 1135.50

1152.25 is a potential bounce/reversal

1135.25/50 expect a big bounce

sleepy openings have a meaning

it means traders are tired of the sideways action and have lost conviction. Always a sleepy opening equates to light volume; a sleepy close is even more profound, both together means we’re near the beginning of the end of this sideways nowhere (break-out) next week