Awesome Stocks

[gfp927z]

Bigworld, Next week should be interesting. The S+P 500 is the big question. While things are looking bad, it still hasn't dropped below its Feb 24 intraday low. All of Wall St will be watching for that next week. Once clearly broken then next stop should be 4000, and below that is the 20% bear market level of 3840. I'm thinking it will likely test that key 3840 support area as the June 14/15 Fed meeting approaches. Lots of variables though.

Looking at the other main indices, the Nasdaq has already broken down below its Feb/Mar lows, the DJIA is still holding well above that level, and the Russell is currently right at its Feb/Mar support. But the S+P 500 is the bellwether to watch.

Presumably the Fed will try to avoid a full blown bear market, since that will greatly complicate their job with inflation. So 3840 looks like the key level to watch in the period ahead.


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