Aug 22, 2013


Short term signal: DOWN - it will turn up above 1660.
Intermediate term signal: DOWN
Comment: SP500 touched the neckline and MA50 at 1660... but the move is somehow not convncing,DJ is very weak. It smells more like the red scenario. We will know more tomorrow. Watch the open,for the green scenario it should be above the close today,resistance and MA50.

Expected behavior for:
- short term bottom - strong day tomorrow, or worst case right shoulder but the price to stay above 1645 and another strong green candle on Monday.

Levels to watch SP500:
- 1682 is now resistance
- 1650-1660 important area, congestion zone. SP500 should move above it to confirm short term reversal.
- 1598 is major support.

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