Monday, June 11, 2012

S&P 500 ~ EOD Update ~ 11 June 2012

Wow, what a reversal. I remember that we got a similar reversal in 2010. I think back in 2010 China reported some numbers overnight, the market gapped up, reversed, and closed lower:

As you can see that day was an important top. It could be similar today:

If 1295ish doesn't hold the next impulse to new lows below 1267 is most likely underway.

As long as this level holds though it's still possible that we get an inverse H&S: