Thursday, June 16, 2011

S&P 1262 Broken - Now We Look to 1250

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The market is obviously acting poorly, and 1262 has now been taken out.  The next stop would be the intraday low of March (Japan selloff) of 1250.  While the % loss today is small, its debilitating to the types who have been serial bottom calling and trying to catch bottoms, so the psychological damage is actually much more than it appears on the surface.

As always the close is more important than the intraday action but the market has been closing weak for much of the past few weeks.  Chances are good, barring strange action tomorrow, we'll have only the 4th seven week losing streak in the past 40 years.

Still looking for that high volume "tossing in the towel action" - but the lower we go, the better we set up for a more reliable intermediate bounce.

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