Wednesday, September 23, 2009

Possible Big Reversal Day for S&P; September 23, 2009

On the 3 minute S&P cash chart above you can see it's traced out a 5 wave decline after the Fed announcement. If today's highs hold, and somehow the market close beneath the low of the day at 1067, it will result in a huge reversal day today and could signal that wave 3 has begun today. And if the EUR/USD can do the same and close beneath 1.4730, it will only solidify this outlook.

We'll see what the next 40 minutes has in store for us.


Michael K. said...

Todd, stop getting me all excited. Hehehee. :)

As much as I want to profit from this crash, I am also worried about the future of the USA and the world to come. =0

Todd S said...

Lol, Michael, I know, I am pretty excited about today's reversal action and will post something shortly on today's action.

I'm also worried about the USA, but it is what it is. We've been through tough times before with WWI, WWII, the Great Depression, etc. and I think we've gotten spoiled with the past 30 years of almost total peace and massive credit inflation. This correction should bring us back down to earth and get us spending within our means and appreciating the real important things in life, i.e. friends, family, health, etc.

It'll be very painful for some, especially those who don't see it coming. But we'll get out of it just like we have in the past.