Oh! No, 1100!!! Here we go again! Market did exactly what I forecasted; bulls tried to hit the 1100 level but they failed to penetrate the 1100 resistance and S&P500 did roll over. There is not much to say at this point but if you are a bull you want to see S&P500 takes out 1100 and get above 1130 with in next 3 trading days. The last thing you want to see would be the violation of 1055, if big institutions fail to push the S&P500 above 1100 we will tank to 970-950 in matter of days.
Base on what has happened in last couple days I give only 10% chance to penetration of 1100 and rally to 1125-1130 levels. If S&P500 tanks to 1055-1050 there is a 20% chance of bounce back. If S&P500 drops below 1050, I'm looking for violation of 1010-1015 support levels. In this case I would give 70% chance to S&P500 tanks to 970-950.
Related topics:
S&P500 Technical Analysis (07/11/2010)
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