S&P500: Good short-term support at 2187
|SUPPORT: 2187 1277/75 2172 2162 2158/56 2152 2147/46 2134
RESISTANCE: 2193 2196/97 2204/05 2210 2214* 2220 2225 2243 2268 2289 2309 2335
Good short term support coming in @ 2187...Market slightly oversold short term...but this is to be expected after the fall from 2214...However...med term charts remain looking weak...2183 is your next big level really...If we break below here 2175 would be the targeted area....Any longs currently are to be used short term only and we would like any correction now to hold below the 2204 area....Weekly and monthly charts remain looking quite negative...so this would help the market sell off if we could correct some of the recent decline...Overall markets look awful...and the Nas has shown the way...This never got near ALT and reversed..Please keep looking at this market if trading S&P ...it will help with direction...DJI also posted reversal days...Now all we need is a reversal week in the S&P and we will look in an even worse state that we do now....As Iv said...there is nothing technically that I can see that would provoke a sharp move higher at this point...Reversal Thursday kicked in...but as always we await NFP and get the blips and headless chicken brigade out of the way in the first hr...and then await Wall St as these are the guys that will determine where we go for the next few weeks.....2204 breaks there is scope for 2210/13 again...but sellers will be here to keep the market under threat...especially if the Nas does not make a break topside....
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