Loading ...Well he finally came out with numbers not higher than support of mid 16660s that was bound to be taken out. Hope some people didn’t loose too much holding for a bounce in 16,000 as a fake out he was talking about less they’re really long. Now what concerns me is some of his POs are breaching critical support below the 15,272 ish line off the 09 low. Hope he doesn’t try to lead people all the way down who aren’t really long speaking present or now past tense. Many have already been out.
Armstrong
The 16258.10 is a BULLISH REVERSAL not the BEARISH. The underlying Daily Bearish are 15340.00 and 15300.30 followed by 15095.00. Technical closing support lies at 16041.78. A closing back above this technical support will help stabilize the market. The broader support lies at 14769 to 14587. A closing below 15961.79 today would warn that we could make a new intraday low tomorrow but today’s closing would still be the lowest if we close below 16258.
Keep in mind you DO NOT want too much of a bounce just yet. That will make people feel it is over. We are better off with a less of a bounce and some churning to maintain the bearish attitude. When you have too many people saying just hold on TV, this is not very good. It is better to see full blown capitulation to create the low.
Caution is still warranted just yet and the closing will be critical. A closing above 15961.79 will help stabilize whereas a closing just over 16042 will be better for now.