So apparently the market has decided to start listening to me once again and we got some seriously ugly action this morning. Overnight the S&P decided to head up and test the 1025 area, only to be rejected creating a new trend low at 1011ish. Usually overnight action sort of helps with patterns but real actionable stuff needs to happen during the cash session (normal market hours). So lo and behold, the market goes on to test that ever important 1025 area only to reject it VIOLENTLY. Remember folks i was telling you that the only way to get out of this range is to do so violently. Here it is. THe other scary thing is that my 1007 level is actually a very significant level and by not bouncing there or even hesitating, it shows the strength of the sellers today. We'll probably get an obligatory bounce at 1000 but 1007 should hold as resistance.
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