Buying opportunity as usual, last week when the SPX dipped this low I predicted 1340+ it came within 5 days......Every single time we see a dip like this it gets bought, over and over and over again and I dont see it being any different this time, markets will probably get a bit of a relief rally tomorrow and by friday probably erase about 1/2 of today's losses. If the SPX closes below 1300 and starts to break all support levels then any bounce for now would be over, but as long as they can hold these levels in the SPX everything is still fine. So here goes, a close below SPX 1300 and that will psychologically trick the longs to start selling because shortly after that 1275-1280 is the next support level, that breaks and 1260 has very strong support, after that the SPX would pretty much go into a free fall if that level is taken out. So it will be interesting to see whats coming up over the next few weeks as QE2 comes to an end which we all know isnt as they get ready for QE3!
Job numbers tomorrow morning, a couple of firms have lowered their predictions on the job numbers due to Wednesdays adp report. So tomorrow anything will look good, bad news is good news and good news is better news! The ADP report is usually far off from the actual. Any major increase in the unemployent rate and a job number that totally misses and markets could rally on definite news of QE3!!!!
DOW/SP500 downtrend strengthens, confirming overdue correction is underway. Futs last 12,115 Ignore the fake trader trolls - longs be careful ! http://stockmarket618.wordpress.com
Market slowly climbing back up as expected....this has been the buying area over and over again.....until it breaks just keep buying because it seems if they can bounce it higher from here next week 1330+ is back on. For some reason every time it looks like its going to fall it props right back up. Todays job numbers were down right nasty, this only means historical low interest rates and the push for QE3 which is going to keep the markets in rally mode.
S&P500 updated chart at blog - originally posted January and March 2011. This monthly chart show a series of broadening patterns, aka megaphone wedges. The three broadening formations pictured reveal an unstable market where buyers and sellers battle for control. The first two megaphones make clear the eventual victors. Prepare for the next Black Swan which will be 'unexpected and could never have been predicted' http://stockmarket618.wordpress.com
Downtrend on key equity indexes strengthens further. Choppy topping since Feb this year is finishing. http://stockmarket618.wordpress.com