SPX 1085/90, then 1030/40
Started by
dTraderB
, Feb 23 2010 12:20 PM
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#1
dTraderB
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- Traders-Talk User
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Posted 23 February 2010 - 12:20 PM
If SPX closes below 1090 today, then am looking for a fairly sharp decline to 1030/40.
That's an important support zone, which if taken out will lead to SPX 985/990.
On the other hand, if the market recovers from this decline, today or tomorrow, then the rally will resume to new 2009 highs.
Needless to say, we are now in a critical market phase --- if bears can't take it down from here then the bulls will regain control to notch up another 50 to 60 SPX points in a week or so.
