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Wednesday, September 28, 2011

Wednesday

 1652

I've fine tuned the forks
If the Bulls take back 1152 then 1162.25 will be the next level of resistance and 1176.25 beyond that.
I'll be adding short positions at these levels.  As I mentioned a week or so ago.  This market is doomed and heading for prices below 1100 and possibly as low as 960.

There are support levels to look for on the way down, but I'll address those as they come into by today's  focus.

I nearly for got to mention.  Yesterday's Bearish Shooting Star Pattern was confirmed by today's  Engulfing Black Candle Stick..




1550

Minutes before the close.  The markets sold down through support.  1152 is the new line in the sand.
There is now a good chance of 1120.



1300

A break above 1162.25 will negate the blue fork and place the yellow fork on active duty.
The yellow fork appears to have the bast odds.   1155 is going to be a hard nut to crack.

my next target is 1172 unless 1152 falls.  1152 is where the strongest support sits.

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