Aug 19, 2013


Short term signal: DOWN - it will turn up above 1660
Intermediate term signal: DOWN
Comment: Whole day the price is drifting lower from the upper boundary 1660 to the lower boundary 1650 of the support range.... The action looks bearish to me. I think one more drop is necessary, but the bears must show up now or not later than tomorrow.

Expected behavior for:
- the drop continues - another long red candle tomorrow.
- start bottoming(short term) - move back above ~1660 - last minor low, support and MA50 daily.

Levels to watch SP500:
- 1682 is now resistance
- 1650-1660 important support. Move bellow it means drop to the next support level ~1625.
- 1598 is major support.

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