SP 500 line in the sand

I expect the SPX will test the 80 week EMA in these coming weeks and for me is a line in the sand

If we close below 1320/1315, you can say goodbye to the bull market

As you can see, in the past, the 80 week EMA has been a very good indicator

Anyway, I think that the first test should produce a strong bounce ( pullback to 1400 )

Soooo... I will be a buyer close to that magnet (not before), if the correction will continue ...but with a tight stop



Lorenzo

 

nice chart ... how did you come up with that 80 week EMA ?

 

One can also interpret this chart to show the S&P at 1,500-1,800 range within a month or two as well

15%-20% dump this time fellas with the Nikkei at 15,000-15,500

Lets be realistic you all should have bought puts on the S&P QQQQ's etc (not too late!)

 

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Nice chart;
what 's the moving average above that one also showing good S/R;
looks like 40-50 or 52 week moving average.

lorenzo;
your chart shows why i like ma,
10 month moving average has excellant S/R also.