The ES just keeps shaking you out. Everytime it looks like its trying to consolidate, it just wants to move yet lower. The truth, the real truth is that each powerful step up is just another bear market rally. The chart is broken, price is collapsing. I feel like we are that civil war regiment in that movie Glory. This is a losing battle for the longs...
Extremely high chance that ES will eventually head much lower. However a bear market rally could go quite far, maybe to the 1000s. It's getting pretty late in the day for that, but the Great Depression and the Japanese Great Depression both saw rallies of this magnitude about a year after the initial collapse. Perhaps the market rallies in anticipation that the Obama admin will have some positive effect, before selling off in a few months when nothing improves or when a new problem arises. Reminds me that, exactly one year ago, we were limit down on the ES. That day was probably when most people started to realize that something was seriously wrong.