THE DOT - if this turns orange or red be alert

Thursday, June 24, 2010

SPX weekly update - yellow alert for shorts is redeemed.

The SPX broke below my weekly support level and made it from a daily reversal to an weekly reversal. Which is a ver strong pattern last time we had almost the same pattern was the week of 10th Dec which is right before the big crash starts the down-move. By many means we are very close to perform the same outcome. Lets see how the final closing price for the week be but the reversal is set and the window dressing will be the game of next week and we will retrace a bit of the losses of this week but 1100 best case the 200 MA will limit any upmove. Sell into any strength next week as we will test the 1040 once again and rather make new lows. July kicks off the next earnings season and will have an impact but with the current astro pattern I cannot imagine we will here a lot of good news. Actually the tensions on the war front with Iran will be on highest alert level and a strike is one possible outcome this summer which could trigger a bigger scale war.

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