Aug 15, 2013


Short term signal: DOWN
Intermediate term signal: DOWN
Comment: After three days of sideway action I thought that the bears will not manage to break bellow the range, but here we are....
1682 was the line in the sand and after the price moved lower both signals are pointing down now.
On the weekend I wrote pullback to 1650-1660. SPX500 touched the upper boundary of the range and we will see what happens in the next several trading days.

Expected behavior for:
- the big slide lower has begun - 1 day, max 2 days pause around 1650 and sell off.
- only a pullback - the huge bar is selling climax and we should see some bottoming in the next two-three trading days.

Levels to watch SP500:
- 1682 is now resistance
- 1650-1660 important support. If this is only a pullback, the price should not move bellow this area.
- 1598 is major support.

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