Not to be a knucklehead about it but have you considered the Weekly Chart on the ES?
An argument can be made that perhaps we are still in a Bull market that has experienced a MASSIVE distribution of wealth i.e. profit taking. Now it could be further noted that we have successfully tested the lows i.e. support and are now ready to begin the next advance up cycle.
However.......we now need continued support at the 1070 level to hold or we could actually see the begining stages of a "BEAR" market.
IMHO we have not really seen the "BEAR" market these last few years but rather the above commentary I just gave.
ES 1070 should likely be the top for this last leg up before the start of the next 40+ point decline phase. This market is OverBought and RIPE for a correction!
