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Monday, August 30, 2010
From Thursday's high at 1061.75 to Friday's low at 1037.25 the ES dropped 24.50 points. A drop of the same size from this morning's early high at 1072.75 would stop at 1048.25, vs. today's low thus far of 1046. If this market is about to rally as I expect we should see strength above the 1050 level early tomorrow. Failing that I think a further drop at least to 1025 and probably to 1010 will be the next development.