Tuesday, August 5, 2014

S&P- Not A Sale

The SP is now nearing support around the 1902 level and has had a decent flush in what was probably a "3" last Fri. This sell off then, is the tail end of the initial move off the highs. It is even conceivable it's a buy opp. 
Daily

click to enlarge
A bounce of 50% or 62% from the lows may present another sell opp especially if it is seen as an abc up. The 1950 area. But here it is looking oversold...all textbook btw and unfortunately bodes very poorly for the long run. Likely top is in.

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