Well.... what a difference one day makes on the market. It was a shake rattle and roll to the downside today. We went down to the 1402 and down in the dumps.
The SPX opened below the support area and shake, rattle and rolled all the way down.
The weekly S&P chart we have a double top now confirmed, and a significant break below the rising support that has been intact for several months.
As long as we stay below 1435 the bears should have the upper hand.
I think this is just a shaking out of weak longs, and we could see some more downside, but it is normal after opex to see some sliding down early on in the week, and then very healthy bouncing back up late in the week. We will wait and see.
Chip :-)
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