|I stated the other day to EXPECT a bounce. HO HUM. I also stated it will fail. Not if but at what level.|
As it does, then expect another bounce and that too will fail. NOT if but at what level.
MOMO spx moved to the 75 area on this bounce. There's a bit more. Once that is reached then down to retest to bounce to then retest and bounce and then retest UNTIL 22-30 is resolved. It will take TIME.
What does it mean re SPX. HECK if we push high enough then forget spx 1150. And then spx 1270. But ol spx 1296/1305/1324 will be in sight until the numbers say they can not be. Sort of like those who are waiting to buy F at 1. or GE at 9. Don't hold your breath. So it is with spx 950. BUT SPX 1300's are still in play.
A close and hold above SPX 1486 will give the kiss of death to spx 1270.
NONE of this has a thing to do with a longs core positions. LONGS just hold onto them when they own them at bargain prices and enjoy watching others hope to get in.
Until, I see numbers that support things can not happen, as a bull I enjoy green but as one who is objective I also understand the difference between a solution to our debt and what was just passed.
ALL IMHO Fintas