Im signing my lease tomorrow and moving some stuff into my new apartment. Unfortunately I've been quite detached from the markets as of recent. It looks like a few days ago the equities led a rather significant correction as seen by the S&P500 correction 2.5% + . It seems that has been the correction I was looking for, though as unexpected it seems the trend on the S&P500 seems to show weakening in the short term, though overall in the monthly time frames it seems the S*P500 is still bullish.
Last week on ---> (click here) "August 14, 2009" I said I expect equities to experience a significant correction or trade sideways. The correction indeed did happen, though I feel that the sideways scenario is less likely to happen. I expect the S&P500 to test 975 resistance by the end of the week (if 1010 magically holds once again). If 1010 resistance holds and we get a break in 975-977 support we will possibly see prices at 950.
My indicators tell me that price momentum and risk reward are short term (into next week) in favor of the bears.
Hopefully some more thoughts tomorrow...
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