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Where’s the Bottom?
Wish we knew.
We respect the downtrend and are trying to remain flexible.
We do know fiscal cliff worries are dominating the market, the S&P500′s medium-term uptrend is broken, and the 200-day moving day has been violated. We now look to the Fibonacci retracement levels as the next key levels.
The .618 retracement level of the June-October point rally is 1346.1, which held today.
The .382 retracement of the October 2011-October 2012 400 point rally is at 1321.8 and the .50 retracement at 1274.5.
If the June 1266.64 low is violated, we really have a problem.
Still don’t see the panic that is usually associated with a bottom.
Cliff diving is no fun, at least, for most.
(click here if chart is not observable)
2012-11-16 00:23:34
Source: http://macromon.wordpress.com/2012/11/15/wheres-the-bottom/
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