Today we look at a bunch of charts starting with the SPY and SPX, which we believe have now broken down a major H&S pattern and confirmed so by a 2 bar break scenario.
With that in mind, the market now has a long term target of 880-885 on the S&P. Over the next few days we could see a slight sell off to 1012-1015 or a retest first to the 1041-1050 range, which could provide an amazing shorting opportunity. Retests of this sort appear on many charts as well.
If you’re looking for bounces, make sure to look at fib retracements, GS will see 120.5 as a 50% retrace bounce, and GOOG will see 438 for the same reason. We also see JPM potentially falling down quite substantially as it is on the verge of a break of 36.55.
We also look at LVS and AAPL and talk about both the long/short trader there.
Very nice analysis; however I find it extremely painful for you to say ‘do not be long’ from my emotional side–I too reside with your stance on the markets but something tells me Obama would not like Dow 8,000… But you seem to be doing very well and i’m sure you are using stops incase the bulls do come back.