OutLook for SP500

SP:SPX   S&P 500 Index
209 4 1
Today, S&P500             had a sharp decline from Sep 20.

I really don't know what cause this decline. It could be from bad NFP report or the ongoing fear of taper.

US Dollar             devalues against all major currencies.

If bad NFP report is cause: Equity increses and Currency decreases.

If fear of taper is cause: equity fall down and currency soar up.

However, the fact is opposite.

No matter what what caused that decline. I think SP500             after pierced the key support I show on the chart, it will test next support 1810.55.
After the new year, most penny stocks go up sharply, but others can not hold high price area.
To cut a long story short...reson: Charts dictats news not the opposite. So don't look for a irrational reason like this month NFP. Have nothing to do with it. Sorry to be so frank! ;) BM
WallStScalper PRO WallStScalper
And yes I agree in your chart. 1810 good support zone for ending of a 5th wave down
WallStScalper PRO WallStScalper
What becomes much more interesting is how far do SP bounce up from 1810? Everything under 61.8 is a short. If 78 and fail ...we will see a huge 3rd wave down
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