Thursday, September 22, 2011

SPX - back to reality

Thursday is back to reality day. Econodata everywhere in the world is very weak. Markets are having a field day. It is no surprise. I continue to sound like a broken record. Bad news never really went away. We are in recession/slowdown phase. What did everyone expect? News tailors to charts. Let the stock markets work their magic. We will retest 1100, flush out, and will be in better shape to restart the rally. Bring it on!!

SPX has an open gap @ 1166 and backtest of broken t/l there as well. We may be too weak to fill it today. This 1135 - 1150 range holds for now.
I see us going below it next week to assault 1120 and eventually fall below that on the way to 1100.  Progress of this trade, which began on September 15th, could be followed here:

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