The 10MA on the weekly is something I believe will be very important. At today's open, it'll probably open around 1374/72.
Theories and Guesses everywhere!
I've read across all the usual blogs/sites, and the lowest targets I'm seeing are the low 1360s.
Consider the SP' weekly...
Arguably, that October lower channel line is a real last line in the sand for the overall bullish case. If we see 1340s..- at any point, then its all over for the bulls this Spring.
Considering the words of 'wisdom' of many pro traders/posters out there, I'd say that anything in the 1350s is probably too low, and would wreck the bullish outlook.
As someone who is presently long from sp'1398 (yeah, go figure that, with a name like mine), what I don't wish to see is anything under 1370. I will get VERY concerned if we break into the 1360s.
Pre-Market
Sp is -17, Dow -138, IWM is 80.11 (the worse hit index..as usual), so we've already broken the secondary inv. H/S level of 81, all that's left is 80.00. A break of 80.00...without question opens the door to 78.
So, SP' 1375/65, with IWM 78.00, by Tue/Wed? Is that the place where the algo-bots will buy this up.and then crawl it up into opex? I aim to post some intra-day updates, so come back soon!
Good wishes for Monday trading.