Tuesday, August 11, 2009

Just A Little Market Update




So we have now filled the gap from last Friday's open @995 (Aug 8) which has essentially stretched this rally about as far as it possibly can go before breaking down (994 has some significance). So a close under this 995-994 area would be the "put a fork in 'er" type event and would signal at least a test of 980-978.50 area but most likely call to an end of this rally signaling a test of its origin at 865 with a stop on the way at 952.50.

Keep in mind I am neutral until this level is broken, but I my conviction for a break lower extending down 100+ points has increased.

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