From here (852) and 770 will be a short term bottom. The next 80 points on the S&P is a prime spot to start building a full long position.
770 is the 2002 bear market bottom. There will be at the very least a big bounce off of that area.
That though IMO, would be a little too easy, so I suspect we either reverse here very soon, maybe tomorrow after making a new low under 848, or we go much lower than 770.
I'm going to play a major bounce/rally beginning in the next 80 S&P points. If it doesn't work I will take losses and sit and wait. Next target on a convincing break of 770 is another 200 points lower. Don't think that's happening this round.
Good luck trading.
No comments:
Post a Comment