I disagree. The price action during the Dubai panic selloff that occurred in the futures over the holiday was quite different. There was a strong bounce off ES 1067 outside regular trading hours, and buyers came in very quickly at a much higher low than the monthly trend line would've allowed without violation. Price continued to make higher lows and higher highs after that, with buyers coming in on shallower and shallower dips. This is very different from the price action then. Not only is it the first visit to the 200 EMA since July, the pullback was over 100 ES pts, not 30 pts, and price is now making significantly lower highs and lower lows.
Lojan is correct about the weekly's...first time 4 weeks down in this bull market and on increasing monster volume. The daily indicates possible bounce, but it's not even close on the weekly.