Tuesday, September 1, 2009

Ugly day

The S&P 500 could not close over 1033 as per my post last week. We now have the pullback/correction I'v e been looking for. Is this the start of a big melt down like last year? Maybe, but probably not. I think we go down to the yearly pivot(yellow line marked P) at 975. The monthly s1 pivot could provide strong support at 986 too, but watch 975. We break that and then 950 is next support. 1013 is next resistance above and can be shorted with a 1018 stop loss.