
From the last post I noted that the inability to hold the SP500 1225 level after an initial bounce could result in a +3% move below the 1225 support level. Right now the SP500 reached an intra-day low of +3% below the 1225 breakdown. With the stock market being short term oversold I would look for short term bounce to start very soon either by tomorrow or Wednesday. The chart included shows what I'll be looking for... a bounce rally back toward the 1225 level and then back below today's low of 1183 (or the price low tomorrow if it moves below 1183) before getting a better short term or even a medium term rally back higher. Other scenarios could develop... the stock market can go either much higher or lower... but we'll see what develops in the coming weeks.
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