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ES: Morning Update

9/29/11

8:52EST

ESZ11:

In light of the Holidays (Jewish New Year – 5773)

There will be one or possibly two more updates for today and no updates until Monday morning.

 

Immediate Term: (36 to 72 hours)

As I had updated yesterday

The move down on the close was a selling climax and as such we bounced; Majority of the time these type of selling climax’s snowball (higher) for a day or so.

In this particular case it would take us back up to 1181.50; that in the event it materializes would be a termination level (bounce/reversal) it’s still too early for such a confirmation

Clearly we have an immediate term top (pattern) in place

Down Price Target: 1135.50

Equalizer: 1176.50

Up Price Target: 1217.25

Lower wall: 1162.75

Pivotal resistance: 1170.00

Pivotal Support: 1184.75

Therefore failing to trade above 1170.00 means we’re heading down to 1135.50

Above the PR (Pivotal Resistance) then the Equalizer comes into play as pivotal resistance; above the equalizer; then the PS (Pivotal Support) comes into play as pivotal resistance

 

Now Term:

Up to 1170.00/1170.50 expect a pullback, currently appears marginal;

If the pullback occurs at 1170.00 not 1170.50

Then the pullback should reach 1161.25ish and then up to 1174.50

This scenario is more bullish for the remainder of the day

 

Key Note:

A bull failure exactly at 1166.75 (that’s stays intact) is extremely bearish and takes us down below 1070.50 (1037.25) in a short period of time