Waiting for the ES ball

The ES 1955 ball.  We have one of those rare gap down after trend down day events.  It is rare these days.  Usually you expect the gap up after a down day.  Even if its not that big of a down day, just because of the demand from ravenous dip buyers.  But Europe won't stand for it.  It wants to remain a laggard, and it is doing a spectacular job, as usual.  They blame it on the bad Eurozone PMIs.  I blame it on a lack of QE.  If Draghi doesn't jam QE down the throat of the Germans, Europe is toast.

There is strong support around SPX 1960, which is roughly ES 1953.  That would be very close to the 50% retracement from the August low, at 1905, and last Friday's high of 2019, which would be 1962.  I am not a Fibonacci fan, but it does match the support level that you see in July where 1960 held numerous times before the dam burst.  

If we can get down to ES 1955 within the next 5 trading days, that would be a exquisite dip buying opportunity.  I am already seeing some bearishness creep in after yesterday's trend down day, with high equity put/call ratios and bearishness on Fast Money.  So the skittish are mostly out.  If I do end up buying that ES 1955, it will be for a long term trade, perhaps into Thanksgiving or early December, targeting new all time highs.