Well last night and today were interesting. I promised you guys violence and it is looking pretty violent. In essence last nights session retested the rally's high (my TA says this high of 1015.25 was close enough to count as a retest) When the abysmal retail sales numbers came out the market went back to its favorite range of 1007-1005 and now we are back to where we were at the 3-3:30 window from yesterday. We should see some more volatile price action this morning and probably through the afternoon as the summer winds down Fridays become more and more sparsely traded, Thursdays become the time for trending.
Yesterdays close was at 1002 so filling the gap down would provide some support maybe, but the 1005 level is the big one and if that fails this morning we are heading to 1000/1001 and then down to another favorite range of this pattern, the 990-995 level.
Any selling pressure that closes under 992 (even better would be a close under 990) would signal to me that this rally and subsequent consolidation has run its course.
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