I was unable to access my computer and could only use my iPod to put up last night's post so I couldn't put up any charts or get too detailed. So I'm putting up an early post to make up for last night.
1149 remains key for the S&P cash index for the bears. I got a screen shot of today's market internals and you can see that in the NYSE and S&P that buyers are almost non-existent. Although it's early, if this holds up, it's definitely characteristic of a wave 3 at some degree. Barring a massive reversal today, the key levels I wanted to see taken out in the S&P have been destroyed (click here for original post).
15min S&P Cash Index Wave Count
The inernals so far show massive selling across the board which is indicative of a wave 3. The above chart shows that we could be in a wave iii of (iii) of 3 of [3] or C. So massive unrelenting selling is in order right now. The first support target is the lows made a couple weeks ago on that so called "error", which we knew was not true. The market is about to prove us right as it heads toward those lows at 1066 because it shows that the market really did want to go to that level and that it just wasn't an error.
S&P Cash Index Daily Chart
Above is just a look at the bigger picture through the daily S&P chart. You can see that there is still heavy selling to much lower levels on the horizon. 1149 remains key for the bears.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.
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