While there are many thoughts on how to interpret the stock markets' action, many that we covered last weekend could agree that if the SPX couldn't get support around 1100, it would need to test toward 1050. Well - it's looking that way now! Tony Caldaro's Friday update mentions his 1061 pivot as another level to consider. So I borrowed his SPX daily chart (below - thanks Tony!) from his public charts at http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID1606987
You can see that the 1097 number which is siginificant in my "string" and based on price movement too, is also the upper level of Tony's 1090 pivot, and the SPX 8-day ema is almost there (1098.89 today). The SPX couldn't surpass it despite several efforts. So it's on down! I'm sure we'll have another good weekend lineup - with Andre's 9-month cycle low; reminders of Jim Curry's recent comments on the number of trading days to expect for the swing down; Terry Laundry's lower band now about 1046. And my personal memories of the importance of SPX 1060 in years past.
So far, swing shorts from either the Jan. 18 time or the 1030 price break don't have a classic trigger to cover, so it all depends on your trading style. If waiting for a buy entry, we'll see if it presents on Monday. So enjoy your Friday evening, and "see you" for the reviews and analysis this weekend!
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