The Fed has successfully stopped the panic and stocks are beginning a rebound. 1170 on the S&P will therefore mark the long term bottom.
Don't sit on it (bottom) as you will more than likely hit the floor...it is way too early to call any market level.
wait until sunday to call a bottom, which is, as of late, the busiest day in the week. a couple of mergers, bailouts and C11 on the verge...
Exactly. The technical setup is the classic 50% retracement down from the 2002 recession low, to the 2007 high on the S&P. This would be a great setup if there was not a "sky is falling" scenario on the street right now. We will see lower lows than this, but this might serve as a nice point of congestion/consolidation after our downdraft of a week so far. It's going to take a while to rectify this situation.