I think that your reading is correct, 1520 will be quite difficult, but we will see how fast the equity P/C ratio goes back above 1. If it drops under .44, that should be a major warning sign. We hit a new reaction low today, yet, the number of Naz new lows did not exceed the new lows when we hit 1346 the first time (it was 65 and here it is 58). The lack of expansion of the lows coupled with the low volume may indicate lack of conviction on the sell side as well.
Zeev
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