1370 area bounce number two - this area needs to hold into the close or overnight session will bring more selling.
Ok now that I am home here is the chart I was talking about. When the price breaks out of that box you will have a pretty good idea what direction it is going to head. <img src="http://www.fantasydaytraders.com/eqpics/SP6mo.jpg">
I bought 137 puts on Friday based on a similar analysis than yours. Got stopped today intraday just to see it moving my way the final few hours. Problem was wrong size (for a position) and unfortunately not much time left to expiration. Nevertheless after SPY showing more weakness I am all in again.
Just looked at the economic calendar. We will start off tommorrow with a horrible new home sales report that will make the headlines. Then we will receive a further pounding with FOMC minutes that will reveal some tragic tale telling us about recession and just how bad the economy is. Finally, we'll end out the day with the SPY selling off strong into the close with Cramer going nuts on tv. Perfect...
I have to agree. There is a very good chance we are heading down on the S&P again. I think at least 1330 on the ES
What, did you all forget about our 400 point Tuesday rallies? lol. I actually wouldn't be surprised to see more green this week, as next week is bank numbers. Bulls might be taking next week off. I'm short the market so I can only hope.
Btw, I forgot to mention we rally about 400 points every tuesday. So short on Tuesday at your own risk.