Wednesday, September 26, 2012

SPX/ES ~ Intraday Update ~ 26 September 2012

The SPX declined much more than I expected. 1440ish was immediately broken and the market lost another 10 handles. Currently, we're down only about 4 handles and if we could close around 1440, we would have a very bullish candle.

Below is a chart of the ES and not the SPX because the very strong support area at 1420-30 is clearly recognizable on the ES chart:

If we don't get a bounce at this area, I'd be very surprised.