Thursday, May 20, 2010

Bear Market - Confirmed

In my earlier posts i stated that we need to hold the key level of 1110 on the S&P. 1100 at the least. But it was decisively broken today. I also clearly stated that we need to close reasonably UP even after having gapped down to have any bullish implications. However, the last hour left it's mark in history IMHO.

We have now clearly broken all supports and IMHO entered the bear market all over again. One of my charts has now broken the TL. Early april of last year it broke out and gave the long term buy signal. After a few weeks of struggle, it finally gave up.

The reason i was bullish was for the fact that we may actually kiss and move up. That is why i was stressing on TODAY being the action day. Today we decisively broke this TL, the last known support.

Look out below.

Good luck all.
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