Monday, November 23, 2009

Looking for a Move below 1086..

By Wednesday close of business, I believe the SPX will have broken down below 1086 as an intraday low...if not close price.  If it does so decisively, this very well may push the SPX down towards 1060...which is also a measured move from the potential head and shoulders that is forming.

If the market does not drop below 1086 by Wednesday, my system will have me out of this current move.

Below is a 60min SPX chart.  We may see a drop toward Friday's close (1091 range) tomorrow...with another move down on Wednesday...albeit on low volume due to the upcoming holiday.

MIDS:                         BEARISH
Move Start:               11/13
Move Price:               1093.50



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