Nasdaq Comp
Dow
SP'daily5
Trans
Summary
I think the bears should be very pleased with how the week concluded. Despite the FOMC spike higher to sp'1438, we're now 25pts lower - and thats without any major impulsiveness to the downside.
First target is the recent 1398 low. I do not expect that to hold, and then we should at least get down to the 1385/80 level - where the fib' chart suggest we might get stuck.
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Most notable today..the transports. A four candle spiky top is very rare, and it is arguably the most bearish chart out there right now. Tranny could easily slip back to 5000, that's 4% lower, and probably suggestive of around 35/40pts off the SP'500..so, that's the low 1380s again.
One thing I'd like to see early Monday, the dow back under 13k. Maybe we can get a Monday gap lower of 1-1.5%. Anything more than that, and it makes my next exit..that much easier.
A little more later