hctv presents get smart monday, page-5

Thought I'd better post a chart as I am fully aware how sensitive Stuart is on Monday and I want him to be as comfortable as possible today after a very clever crank starter.

Just some very general observations on SPX cash.

- The rally didn't get to the 10 day sma. If that is all it has got, this could be a strong move down in progress. A new low would probably come in tonight, or tomorrow night at the latest if that is the case.

- There's plent of "potential" support right here, including:

a. 161.8% extension of prior range (10/11 high to 11/11 low)
b. 261.8% extension of prior range (12/11 high to 12/11 low)
c. May 2011 high.
d. Ascending trendline.

- I've put in an internal ascending trendline that seems to have done something at the most recent low so that is something to watch.

- What seems to be potential support does bugger all in a strong move down (apart from sucking punters into going long).

- 23.6% of the rally from October low comes out within half a point of the March low at 1340 and change so it seems that is a reasonable target at this stage.