Tuesday, March 15, 2011

Big plunge, morning update

Hi guys, I hope I am going to finish writing this post. I am trying to post every day but I stop before I can finish, I don't feel very well at the moment...

After going bellow 1,306 and a failed attempt on Friday to go above this level that was touched twice since market plunged from 1344, SPX started a plunge that is hard to know where is going to stop. It is possible to see another 40-50 points down, even more towards the first serious support level that is around 1220, the April's 2010 high but also the level where the bull market uptrend line resides.

If this fails, the next stop could be SMA 200 that is around 1190 at the moment.

We may see failed attempts to go above certain levels, such as 1280, the January low.

3:40 p.m. update.

Huge reversal, 20 points, and market above 1280 level! Market still on bears favor but Feds did the trick again.

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