Sep 5, 2013


Short term signal: UP - down bellow 1637
Intermediate term signal: UP
Comment: Nothing interesting today, SP500 almost touched 1660:) as expected. Technically the signals are up but this move is not... very strong. Short term I do not know what will happen, if there is one more push higher(see the chart from yesterday) or after test of MA20 and MA50 the sell off will resume. I can only say that this move is very choppy and has corrective nature, which means one more push lower is to expect.

Watch price behavior for clues:
- short term bottom - SP500 should find support between 1625-1630(check) and move above 1655-1660(almost), but the move should be corrective(check) and stay bellow 1682
- a rally higher has begun - 2-3 strong days up reaching at least resistance ~1682 (not really what is happening)

Levels to watch SP500:
- 1682 - resistance
- 1645-1655 important area, congestion zone, now it is a resistance.
- 1627 support level
- 1598 is major support.

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