ESM2 - S+P Daily

Looking at the Daily and Weekly charts the situation looks abysmal for the Bulls at this point. Having said that we are approaching an important area of support around the 1284 zone.

1284 - Daily H&S Target
1283.25 - 50 Fib Weekly from the 1147.25 low Nov. 2011
1282.25 Weekly 100 LWMA
1282 - Weekly Resistance now support
Obviously a break below this level would have the market looking at Fibs for the next downside targets.

 Resistance wise only a break and close back above the Weekly 50% Marabuzo Line at 1318.125 would argue that this current sell off has been merely a 4th wave retracement in an ongoing 5 wave structure.