AI
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| Alias Born | 04/01/2000 |
Sunday, September 25, 2011 9:53:16 PM
There is a pretty good chance that if we break lower we will see the S&P 500 not finish going down until it has an RSI of 30 or lower again on the monthly chart.
I closed my one short position on Thursday because we hit the bottom of our recent trading range on high volatility. Volatility like this usually falls without a lot more short term bad news resulting in a short term market rally.
I don't think the market is reflecting how bad things really are for the average American. If we break down then 1000 is as good a level as any for short term support for the S&P 500 but that might not get us anywhere near an RSI of 30. How low do we have to go before we hit bottom? Time will tell.
In the meantime we are not even close to seeing this market bottom until we get a 90% upside day or two 80% upside days on higher volume in a row.
RtS
I closed my one short position on Thursday because we hit the bottom of our recent trading range on high volatility. Volatility like this usually falls without a lot more short term bad news resulting in a short term market rally.
I don't think the market is reflecting how bad things really are for the average American. If we break down then 1000 is as good a level as any for short term support for the S&P 500 but that might not get us anywhere near an RSI of 30. How low do we have to go before we hit bottom? Time will tell.
In the meantime we are not even close to seeing this market bottom until we get a 90% upside day or two 80% upside days on higher volume in a row.
RtS
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