Only the wishful thinkers could believe anything other than that the bull market is dead for the time being. What are some technical targets for the bears? I'm focussing on the 12750 area being the 61.8 fib level of the move up from the March lows and resistance turned support. Anyone else have other targets in mind?
Cash SPX 200dma comes in around 1447, futures basically traded there on the close considering the 10 point discount. Being the first test in a raging bull market, we should get a tradeable bottom somewhere between there and 20 S&P points lower; where that goes after the initial bounce (it will be a good one) is anyone's guess.
I would tend to agree. The monthly Jan high in the SPX was 1441.60 and the March high was 1438.90 Could very well see some support there for a "trade-able" low.
Got within 2 points of the 40 WEEK MA in the SPX this morning ( 1452.28 ). Close enough for a double-bottom intraday in the ES and subsequent 24 handle rallly!