S&P 500 Breakdown

The markets have moved through a major support point and appear determined to take out at least one or two more before they are through.

Our new target is now 1200. There seems a possibility we could go lower, but perhaps a bounce will ensue after the 1200 area is reached.

Looking at a candlestick chart, the S&P is seen pushing down fairly hard on the bottom of the Keltner Channel.

Note that the 200 day MA of 1250 is now within sight.

We will watch the markets closely for the next few days to see if the collective euphoria is truly evaporating.


  1. A very good day to you PW.

    European Rating- Agency Fari downgrades USA-Rating!


  2. Thanks for that tip Bill.

    It appears the sovereign debt crisis will very soon be upon us.

  3. PW---what debt crisis, we can just solve it with more debt! I don't think the Bernank is truly evil, and some day he will realize that the powers that be played to his ego and his playbook, in the wrong scenario.


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