Stocks have sold off pretty hard, breaking down from a head and shoulders type pattern with the head at 4487. We anticipated in these reports that it would be difficult for stocks to break higher and that the risk was to the down side. We are currently attempting to find support at 4408, a level we have discussed in these reports many times and called out yesterday as a level of support. It looks like we are getting ready to break through this level as we write this. This is the last level of support in the 4400 handle, with 4389 and 4380 as the first levels to provide support beneath it. There is a cluster of levels above which will take some momentum to break through, including 4421, 4431, an 4440.
Komentarz:
The S&P has broken the support levels we identified in this report! It's now in the 4300 handle!
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