From the chart posted last week,1230 is next strong resistance on the S&P. 1230 is the 62% Fibonacci retracement of the decline from the 2007 highs basis the cash S&P 500. All eyes will be on that number, if we indeed make it that high, which in my opinion because we are now in a structure for it to hit
What will we do when we get there? I have NO IDEA! I think we should at least pause, but after that, a reversal is not a sure thing. We will examine it when that time arrives.
I know I'm being kinda non committal but what should I do instead? Take stabs that we are going DOWN or it's time to get SHORT over and over again and just keep being wrong the markets is not going anywhere and it will be here long after we are gone, so just take it slow and steady.
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