face down friday, page-8

If you ignore the wick on 16 Aug (XJO) and use the body of the candle of 17 Aug (XJO) as the low (thus ignoring the "maintenance" on the 16th) the SPI closing price this morning puts us right on XJO support at 5635 when the market opens today. After the morning gap down that may present a starting point for a bounce. Of course looking at the longer term charts we still have room to fall. I'm just not real keen on the broadening formation playing out, but it does look like it's thinking about it.