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
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