Markets keeps falling down slowly and actually SPX got a confirmed SELL signal yesterday at breakdown below 1280. For now I will be looking for a probably push up to 1280-1285 before next move down , and we have a possible HS pattern. But overall the trend turned from UP to DOWN and the Russels is sitting on neckline about to breakdown further from HS pattern. This could get pretty ugly either today or early next week after option expiration day. So for now keep holding your shorts I'm still looking for 1150-1180 area, but my first downside target is 1220-1225 area where we have some good support. Either way , the trend turned down and we need a push and breakout above 1290 SPX before I think we have ANY chance to breakout and take out new highs. I think SPX will have lots of problems just breaking above 1285 and dont think we will move above this level. So what I am expecting for today is a possible gap up - and then flush down again or they will hold it neutral up today around 1280-1285 and then flush it down next week.
Happy Trading
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