It seems markets might test 1120 territory on the S&P and then slide down. 1100 is very likely. September is usually the worst month for the markets. October is second worst, although most of the major corrections happen in October.
1120 seems to be everyone's guess, however im waiting ever so patiently for 1035 to break so the s$p can be on its way back below 1000.
that chart u posted shows me 2 yrs of resistance....that seems like alot of overhead...if all those people are break even now???? who knows???
I agree with FB123. It is to early to evaluate the current market situation as being "The Top". Even if the ES took a tumble back down to 700 we may still have more to the upside. Although having said that, I "wouldn't" be feeling inclined to hold a long into a tumble down to 700 with the knowledge that a close above the "September high" may still be due to appear. My bitch can carry her own bag.
"the top" would be the end of this run, or now, that run. after all, in the terms your describing, last month COULDNT be "the Top", because 2007 was higher. in any case, (and this isnt directed specifically at you) enough with people coming here and pontificating philosophies - the topic was a call that the historic run from march was over. the topic here really was an invitation to study this moment in time from a technical point of view, which i think is pretty unique technically. i was hoping people would come in with charts confirming, or more importantly, opposing the call. but opposing it from a TECHNICAL, not a PHILOSOPHICAL point of view perhaps i should have placed this in the technical analysis forum if people believe that's not how others should trade, or that 'its'a all relative, or whatever, that's fine, but it's not the topic here
Another weak day, this is actually feeling like a real market now.... So anyone going long now?? s$p is going to break a 1000..... :eek:
700??? If it got that low you can just expect new lows on all indexes, it wouldn't stop at 700 or 665, 600 would be in play at that point.
I'll agree that last Wednesday (09/23/09) was "a "top. Tuesday's top (09/29/09) was a failure to take that top out but at least in the ES 1035.75 needs taken out before anyone can say that even a short term top has set in. Tops can be seen in real-time but "THE" top can only be seen and more importantly confirmed, in hindsight.
the 20 month moving average in the spx is leveling out it had been dropping 20 point + per month this month it only dropped from 1067 to 1052