Yesterday’s close was ugly, exceeding the bottom of our SPX downside target range by 2.49 points. It looked like a nice bounce at 1381 — the .786 of the 1576-666 crash from 2007-2009. Then, perhaps aided by AAPL, the market faltered and closed at the low.
We’ve had a little follow through this morning, but so far prices have firmed above the 1370.58 May 2011 high — a level I have thought important to hold for the bullish case to remain (somewhat) intact. And, remember, they need it to remain intact.
While we got in a tad early, we remain long from 1381 yesterday, and should see a nice rebound in the coming week if our analog continues to hold. I’ll post some charts, along with key levels and indicators, below.
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