There is a strong confluence of support around the 233-235 area. I believe we will bounce here or at that area very soon. Then we take out the TL and move to 225 zone where we may see a possible bullish divergence develop.
If this support breaks it could get real ugly, real fast.
This is the only index close to significant support. I may buy this vs short nasdaq
I think this will coincide with a 2-4% rally in spy to end the year. We will then break down on spy to 2400 ish and breakout in TLT
Will be difficult to move bonds through this downtrend line. This may also add support to equities for now.
Right up against two key resistance points. Can it break through?
What do you think?
Looks like we are in a consolidation wedge.
pullback a little more then next leg higher, or straight up
If an index could mimic the movie Cliff Hanger, this would be the one. LOL!
Look at the similarities between this and the last significant correction.
Horizontal support and the LT trendline came into play today and provided some psychological support and something for longs and shorts to play against. Fundamentals are deteriating, and the worst is not likely over. Short rips
LT trend is still down, a little more upside possible before a break lower
This is how I see it playing out. We are at or near peak business cycle
Crude is forming the peak right shoulder and reversing on strong volume. Watch closely. Several bearish factors in play. Global demand weakening and facing possible global recession. Supply increased for Iran and doesn't look like sanctions will have as big an impact as expected thus providing an excess of supply. Dollar still in uptrend and likely to resume...