Sunday, August 18, 2013

probably more downside ahead

The S&P 500 had a big gap down last Thursday(the bigger the gap, the bigger the trap). It closed the week below the monthly pivot point. Next area of support is 1650. A close below that will open the door for 1625 gap and monthly S1 pivot.  Resistance this week is old support at 1665/1666 ish.