ES 7-19-11

cleanup aisle 3
1291 is the 61.8% retrace level of 1252-1354

perfection as the cross of 1293 only allows for a diagonal for higher
3 waves up to 1354
3 waves down to 1291
only problem is the alternates can be quite bearish
I'm no expert but am considering the possibility that 1354 could be the peak of a truncated 5th wave

no one said it was easy

looking for 1312.50 top possibly
other areas to consider here are 1315 and 1322 fib levels
1307 and 1303.5 50% levels below

I try to time the market and had mentioned Tues in a note Friday
My weakness is timing but expect the direction to be revealed this week

First decent volume

INDU at 12,500 support

news: Moody's put US on review for possible downdgrade

Article in the WSJ on US spending. Chart tells it all

http://online.wsj.com/article/SB10001424052702304203304576446332084493902.html

Unconfirmed L bracket single at 1316.50

L bracket single now confirmed at 1316.50

Here's the profile for the previously posted L bracket single print.

[1324.25] P
[1324.00] P
[1323.75] P
[1323.50] NP
[1323.25] NP
[1323.00] NP
[1322.75] NPQ
[1322.50] NPQ
[1322.25] NPQ
[1322.00] NPQ
[1321.75] NPQ
[1321.50] LNPQ
[1321.25] LNQ
[1321.00] LN
[1320.75] LN
[1320.50] LN
[1320.25] LMN
[1320.00] LMN
[1319.75] LMN
[1319.50] LMN
[1319.25] LMN
[1319.00] LM [DVAH]
[1318.75] LM
[1318.50] LM
[1318.25] LM
[1318.00] LM
[1317.75] LM
[1317.50] LM
[1317.25] L
[1317.00] L
[1316.75] L
[1316.50] L (single print confirmed)
[1316.25] EL
[1316.00] EFL
[1315.75] EFKL
[1315.50] EFKL
[1315.25] EFKL
[1315.00] EFKL
[1314.75] EFGKL
[1314.50] DEFGJK
[1314.25] DEFGJK
[1314.00] DEFGHJK [DPOC]
[1313.75] DEFGHJK
[1313.50] DEGHJK
[1313.25] DEGHIJK
[1313.00] DEGHIJK
[1312.75] DEGHIJK
[1312.50] DEGHIJK
[1312.25] DGHIJK
[1312.00] DHIJK
[1311.75] DHIJK
[1311.50] DHIJK
[1311.25] DHIK
[1311.00] DH
[1310.75] DH
[1310.50] DH
[1310.25] DH
[1310.00] D [DVAL]
[1309.75] D
[1309.50] D
[1309.25] D
[1309.00] D
[1308.75] D
[1308.50] D
[1308.25] D