I like any political theatre that depends primarily on intonation and pacing of course, by that measure, Cramer sucks not so sure about nodoji
DOWN PERISCOPE! DIVE! DIVE! (I was a Marine, but I was never in a boat.) You guys better not hold long positions over the weekend. Target buy point for long positions: 1025 area on the S&P. This will form an even neck line for the head. Furthermore, it's in the area of the bottom Bolinger Band. I anticipate we will reach this on Tuesday.
We need a big loss day to confirm this top. Not a piddly -200 day, but a -500 or -600 day, or more. By the way, on the monthly DOW, the resistance line I drew 6 months ago was touched on Oct. 21th, so we have confirmations of a possible top on the daily, weekly, and monthly. This is significant.
We don't need a big down day today. But, the S&P needs to close at or below 1055. Ideally, it should close at 1055 forming a doji for the October month. November, Monday, we need to start lower with a gap down, then we could have a sizeable down day.