bulls returning enmasse, page-8

Spot on Treggs imo!

If the current support won't hold next stop might be the trend-line from October 2002 at 12045 and maybe then 38.2% retracement @ 11520, which co-incides roughly with your 200 week SMA.

My money is on a breach and a fall to at least the trendline. Why?

1. The SP500 has repeatedly breached its trendlines and support over the past few months - the bull market looks over for it - can't easily find a place to draw an uptrend.

2. The DJIA has made its first meaningful lower high for 2 1/2 years and if it retreats to the trendline will make a lower low as well.

3. Sentiment is shot - hard to find any good news at the moment.

All points to a great buying opportunity coming up and great shorting in the meantime.

-HBG