ES weekly chart. Oversold?

[shortskirt]

ES looking week again tonight. Question is when can we expect a bounce? We're at 1400 which should offer some support. Also on the weekly chart shown here looks like we're ready for a bounce also

http://www.scalptrader.com/2007/08/12/the-longer-term-view-e-mini-sp-500/

Thoughts?

 

[una11]

1380 looks like a nice spot...

 

[balda]

1363

 

[thebuzzkill]

More capitulation to the downside might be needed. There is nothing wrong with a correction,, but this correction could be the consequence of many many years of greenspans policy of flooding the country with money. if it is we could go into a period of deflation which is much worse than inflation:eek:
The 1375 (cash) area looks like an area that might provide some support. But however it works out I believe in reacting not predicting, but you can prepare yourself beforehand to react.

best wishes