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ES -SPX Morning Call

1/24/12

9:01EST

ESH12:

No change from the last update

(Last update)

1/23/12

1:15EST

ESH12:

The small big Picture down to 1268.75

And 1277.75 is the key support pivotal (short term 3 months) in fact this pivotal is the Achilles tendon for the ES

It MUST reach 1297.25 in order to REDUCE the current bullish momentum and close at or below 1302.75 (today)

In fact it must trade below the OAV at 1292.25 to become bearish

I'm still biased for a significant pullback (1253ish) from current levels

Although not reaching 1297.25 (today/tomorrow) requires further review regarding this bias

I'm expecting an immediate move down to 1292ish (NYSE:ES) and 1295.99(SPX)

NOW: (9:01EST)

Immediately down to 1299.00; from 1300.00 it gets tricky (bouncy); because 1300.00 is the pivotal support for 1319.00 (yesterday we reached 1318.25) and 1302.50 is the patterns upper wall

Expect a decent bounce at 1298.75/1299.00

1st level pivotal resistance is from 1305.50 to 1306.25 (1306.75)

2nd level (quite string) pivotal resistance from 1310.00 to 1311.50

IMO we reach 1297.25 (today) and lower (1291.75/1292.25)

The Big Picture:

I had 1321.50 (1326.56 SPX) as the termination level for the rally up from 1062.50

And then we take out 1062.50 (in April 2012)

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