I might be wrong, but it looks to me like there's still some more wiggle room. Although I don't know what the correlation between USD/JPY and $SPX is, I ain't too sure the USD/JPY will retest the blue dotted line anytime soon just as I doubt the ES will retest its resistance at , uhmm, 1100 (or was that 1200? Can't remember anymore). <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=2173877" height="600" width="800"> Click to enlarge
Saliva, i like the chart and i would have to say that we test the 839 spx 52 week low. if we don't then this will be the bottom i.e. failed test. we could very well rally but who knows it will probably be better to trade in the direction of the prevailing trend.
Let's not forget that Credit Default Swap is the sorryass invention of American ingenuity that is now the reason for the greatest financial hangover in our lifetime. It's somewhat gratuitous for you to fling crap at our European socialist brothers for all the shit that we created.
Thanks to Intel, ES is getting crushed in the AH. I'm pretty damn certain we'll blow past 837, but I'm rather neutral going forward. I've learned how not to pick the friggin' bottom can actually save at least 5 years of my life.