Getting closer to a more sustainable bounce...
Note that the $SPX is now just about at support from the trendline that rescued it back in July...the $NDX is close to, but not yet at, the equivalent place...
Comment
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Comment by Mark Lytle on January 30, 2010 at 8:30pm
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Hi Steven,
Yes, I agree, that's the scenario I think is most likely also...
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Comment by Steven Vincent on January 30, 2010 at 3:38pm
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Yes a bounce is likely next week. At some point soon the bulls will believe that this is the dip they have been waiting for. The initial shorts will cover as well. I think we get 7-8 days of rally before we hit resistance and the real selling begins.
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