In the last update I stated, "I suspect that the current rally will find resistance between here and the August highs on the S&P and then embark on a renewed decline that will retrace at least 50% of the current up move and more likely make a serious test of the lows made thus far, before a new leg up can commence in force." So far the market hit the 50 day ma and then has reacted off of this expected resistance level. The SPY will need to test at least the 144 level for a minimum 50% retracement though I would not be surprised to see a real test of the August 16 lows ev[...]
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[Source: The Money Blogs]
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