Wednesday, July 21, 2010
The SPX rally made it to the 2 crossing lines and never exceeded the death cross which is a deadly sign for the bulls. bulls might want to put on double pampers and fasten their seat belts pattern deploying. the 50 ma proves to be a resilent resistance for all phony rallies while we prepare for the big one the drop below the big 1000 handle. that should trigger a mini capitulation down to 925-50. We might likely see a bit more zigzag til the 26th - even 30th less likely - followed by a steep decline lasting another 3-4 weeks. Thereafter a sharp rally to max. 1200 as the final chance to get out before disaster hits the world and spx declines to new lows beyond the evil 666.
Posted by getagrip at 3:27 PM