With the convincing break of 1120 area yesterday and then subsequent slice through 1102 area.. The market is firmly in the bear hands.
The bulls might fight back here with everything getting slammed on extreme levels. The number of charts on PnF charts breakdowns were again huge.. around 1700+ numbers... so chances of snap-back up rally are quite high (more like 35 points on SPX) but again this is news driven market so more downside might be there.
On measured move basis of Head and Shoulders Shampoo pattern, we should expect around SPX 970 to 1000 range. I believe this would cause all the Optimist to turn their heads down and retreat for a big up move.
Read your charts well and drive your portfolio very carefully. This is the place where bull and bears both can get chopped.
The bulls might fight back here with everything getting slammed on extreme levels. The number of charts on PnF charts breakdowns were again huge.. around 1700+ numbers... so chances of snap-back up rally are quite high (more like 35 points on SPX) but again this is news driven market so more downside might be there.
On measured move basis of Head and Shoulders Shampoo pattern, we should expect around SPX 970 to 1000 range. I believe this would cause all the Optimist to turn their heads down and retreat for a big up move.
Read your charts well and drive your portfolio very carefully. This is the place where bull and bears both can get chopped.
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