Friday, June 1, 2012

S&P 500 ~ Intraday Update 2 ~ 1 June 2012

The reason why I'd like to see a daily close below 1290, before turning bearish again, is the following:

Do you remember when we opened below 1100 back in October 2011? Bears were happy that we finally left the huge sideways range to the downside. The SPX reversed though and closed inside the range again which was the start of a huge move up.

I'm not saying that this will happen again today but I think it's something you have to be aware of.