S and P In trouble.

We hinted a few days ago that the S&P could be forming a bearish flag. These patterns have about a 80% chance of playing out in technical analysis terms. This did in fact play out, and the market is now in serious trouble.

The bottom of the bearish flag broke today, and skidded down to the 1580 level. We have bounced a bit, however as you can see on the chart, things do not look too good for the S&P right now.

If the bears come out in droves, we could see 1550 come soon, and maybe even lower, but the target off that flag is about the 1550 - 1560 level. Time will tell.

S&P broke bearish flag

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