A Close below 1075 is

After this short term fake out since the July lows where the bonds did not even budge, it sure seems like breaking below 1080 and triggering fresh new down side targets is upon us next week.

The market needs to close over 1075 at a minimum into the close today and everyone is picking a bottom in the options. If we do not see the closing rally and it sure seems like a strong down trend day today, some key levels will be now taken to the downside. The 1070 support is the absolutely the last level here, falling below next week or even remaining around these prices will lead to new lows, and mostly likely a crash in August.

At this point, anyone with a sane analysis about how this should resolve from here, I would like to listen, this is the best I was able to come up. The bottom line here in my analysis is that the 1070-1075 level should be absolutely the last support of importance here.

It sure feels like 'game over' without the trillion purchase programs again... Can Fed announce them now?

Edited by arbman, 16 July 2010 - 12:51 PM.

After this short term fake out since the July lows where the bonds did not even budge, it sure seems like breaking below 1080 and triggering fresh new down side targets is upon us next week.

The market needs to close over 1075 at a minimum into the close today and everyone is picking a bottom in the options. If we do not see the closing rally and it sure seems like a strong down trend day today, some key levels will be now taken to the downside. The 1070 support is the absolutely the last level here, falling below next week or even remaining around these prices will lead to new lows, and mostly likely a crash in August.

At this point, anyone with a sane analysis about how this should resolve from here, I would like to listen, this is the best I was able to come up. The bottom line here in my analysis is that the 1070-1075 level should be absolutely the last support of importance here.

It sure feels like 'game over' without the trillion purchase programs again... Can Fed announce them now?

If this is the case, I bet they will close above it. and I'm betting with my money: loaded some ES Sept Futures at 1065.5

Edited by redfoliage2, 16 July 2010 - 01:05 PM.

Unless something changes real quick (always possible), I would say that the next major downside target is an intraday print of 933.18 on the SPX with a close the same day above 944. And added in edit......guess would be Aug. 2nd-Aug. 3rd.

Edited by Iblayz, 16 July 2010 - 01:09 PM.

too early to say.market is extending on the upside as well as downside..so established thresholds are violated and then rebounds// 1040 was a classic case///it breached w/ difficulty but on the rebound it did not seem to have any value...

too early to say.market is extending on the upside as well as downside..so established thresholds are violated and then rebounds//
1040 was a classic case///it breached w/ difficulty but on the rebound it did not seem to have any value...

As the earnings season going on, the market is largely news driven with big swings so that big boys can make huge profits on the street.............

Edited by redfoliage2, 16 July 2010 - 01:09 PM.

If you need some sort of an example of one of the great failure and fraud of the human kind, you can look at this market. Trillions spent and it is still one of the biggest thievery machine of all times and that's about it, nothing to write home more about. The machinery in WS is just self destructing and it doesn't even know it is eating itself, destined to be doomed. This is the way I see it. It won't take very long before they come back and ask for more money at this rate...

After this short term fake out since the July lows where the bonds did not even budge, it sure seems like breaking below 1080 and triggering fresh new down side targets is upon us next week.

The market needs to close over 1075 at a minimum into the close today and everyone is picking a bottom in the options. If we do not see the closing rally and it sure seems like a strong down trend day today, some key levels will be now taken to the downside. The 1070 support is the absolutely the last level here, falling below next week or even remaining around these prices will lead to new lows, and mostly likely a crash in August.

At this point, anyone with a sane analysis about how this should resolve from here, I would like to listen, this is the best I was able to come up. The bottom line here in my analysis is that the 1070-1075 level should be absolutely the last support of importance here.

It sure feels like 'game over' without the trillion purchase programs again... Can Fed announce them now?

hell it is!

I think it struggles a bit under 1075 for a few days, the downside momentum appears too great to me, beside we will have trend confirmations for any down close on Monday and without rallying above 1080 on Monday... The downside target becomes around new lows then.

I find both scenarios (rally over 1080 or a close over 1075) highly unlikely, look at the pattern it is a repeat of June now.

The market has only one shot here to avoid both the close under 1075 and rally over 1080, compare to Feb rally. It conveniently avoided the trap door to hell back then by rallying over 1100 all at once. Now it is 1075. It could work, I will be open minded about it, the breadth turned a bit better this time, but we will most likely still see new lows. The next brick wall will be around 1075 if we see any struggle around here or lower on Monday --whenever it gets tested next.

There is great resonance to the downside after the market got clearly stopped this time around 1100...

http://stockcharts.com/c-sc/sc?s=$SPX&p=D&yr=0&mn=6&dy=0&i=p13527836019&r=5648&.png

Edited by arbman, 16 July 2010 - 04:36 PM.