For newbies, ES is the Futures Contract for the S&P 500 index. It is high leverage, and it trades on Sunday, which can be useful. It also trades at night during the week, almost 24/6. That can allow enabled traders to react to news. The big drop Thursday night was exactly caused by the Japan Earthquake, which was possibly caused by Comet Honda (ironic name). The continuous trade can help prevent a "gap your face off" event, but there are also shenanigans played on late night low volume futures, they run stops, and a small amount of money can cause big changes. Something like 80% of the ramp up from 666 was caused by ramping of futures, and most of it on Sunday. No joke.
It sure looks like this old channel is back in play. And the big 50% Fib could be acting as a "Crash Cushion" TM. This is the 50% from the all time high to the Paulson low 666.
Euro opens trade in 13 minutes. See prior post, we expect a big move up on the dollar USD.
If we start getting some mass media rosy news, take that as deception.
