Option Investor
Update
HAVING TROUBLE PRINTING?
Printer friendly version
Looking at SPX, yesterday's bounce off the gap down retraced just a little more than 78.6% of the decline from the Friday's high just before the close. So far this morning we have SPX retracing just a little more than 78.6% of the decline from yesterday's high just before the close. It has stalled at the downtrend line from yesterday's high. If the lower highs continues to hold then the pattern stays bearish. If SPX rallies above yesterday afternoon's high (861.95) then we'll have something either potentially bullish or an indication that we're going to be trapped in a big sideways consolidation for a while (expect lots of chop and whipsaw). If the market drops back down after this morning's bounce it could be accompanied by some very strong selling. Pretty much do or die right here for the bulls.

Market Monitor Archives