ES 11/16/08

next down side target is 716.  a monthly close above 994 is required to start a retracement up of this downmove.  upward pressures in time and showing divergences here at these lows.

weekly is trading across both buy and sell entries.  currently in a sell to 764.  pressures are coming off, with divergences at the lows.  a trade thru 927 will restart the up trade, 1st PO is 1032.

daily- we have traded up thru the Entry Price to the 1st PO of 909 which stopped the move.  selling pressures are extended down. upward time pressures for three days then down into the end of the cycle around 11/26.  Friday’s late day downturn has come down to test the 863 up EP.  if that does not hold then the next downside PO is 821.

the night session Sunday will provide clues

 

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