09.27.2011 -- Pick a damn direction already...

Interesting close today among interesting action. The close was potentially a fail for the bulls. But there's still several areas of support below this, so bears can't get too excited yet.

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Key Levels

Upside -- 1179, 1207, 1259

Downside -- 1150, 1129, 1121, 1102

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SPX Daily

As you can see there, we closed just below the mid-bollingers and under that trendline after trading far above both intra-day. Closing underneath that resistance after the breakout is definitely bearish here.

I hesitate though because Friday is End Of Quarter, a very heavy window dressing period. As i've been saying, I have to think they will attempt to get the best level possibly by Friday.

If we were to tank here, right into EOQ.. that would be a sign of very bad things about to happen.

We are still in this trading range we've been in for awhile, at some point a break is going to come. Bears cant start to get to excited without a break under 1121 and bulls can't get to excited without a break over 1216 or so.

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Other interesting items of note today. Despite the large up day.. AMZN, CMG, LULU, PCLN, AAPL all performed badly today. CMG and AMZN were particularly beat up for an up day.

These are those growth stocks that are in quite a few ETF's and mutual funds. The breakdown of these types of stocks like "The 4 horsemen" in 2007, signaled the beginning of what was essentially a market crash.

So we have all these stocks performing badly on an up day and we have a big intra-day reversal closing below some support.

The ball is in the bears court today.

GL

CJ