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SPX October 15th, 2011

Posted by StockBuz on October 15, 2011 at 4:50pm
The shaded box in SPX is where I believe our little rally will find great resistance. It is just below the 78.6% *line in the sand* fibonacci retracement as well as prior head-and-shoulder top neckline *and* the 200d MA. All areas where bears will lay in wait. If you' wish to short the market, this is your area to do so; with a cover stop above 78.6% near $1310. I do not feel we will continue further as world economies [especially China] are slowing and without QE, I believe we will struggle to surpass the highs already put in. Just my .02. What's your take? I'd welcome anyone elses' thoughts.

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