The market has finally arrived in the window where a number of time projection relationships converge. Structurally, the market top of last week (10/27/11) marks the end of a correction
(possibly) a 4th wave. The inside formation seen in today’s S&P trade correlates strongly with continuation to the downside. Basis the SPY, the move up today which partially filled yester-
day’s gap down, has the potential to create an actual price top. A breakdown below 1216.5 basis the Dec. e-mini would constitute a sell signal.
Those of you who happened to attend any of my recent webinars, are aware that I’ve been discussing the possible implications for the stock sector at this time. I project deep support at 1141
for the S&P. Also, I expect the move to be rapid and to ensue between now and Monday (11/07) at the latest.
Wishing you the best in your trading!
