Key Levels
Upside - 1205, 1260
Downside - 1175, 1145, 1121, 1102
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Don't have a lot of time tonight, but luckily there's not a lot to say and most can be said with the following chart;
SPX Daily
That pretty much shows you what I think is going to happen here. How long it takes is an open question. I wonder if they can stretch it out until labor day and kick off the fall with a session of heavy volume selling.
After this correction is complete, we'll have another ugly decline. That ugly decline will be followed by a typical Christmas rally, which will be another counter trend rally like we are experiencing now, except even more powerful.
I believe sometime in the Jan-March 2012 timeframe a decline of historical awfulness will occur. One that will likely top some tables for worst ever declines both in terms of percentage and pure numbers.
For now... we will work through this correction for a bit.
GL
CJ
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