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| S&P 500 |
I talked about the Line in the Sand before, but it's to late for the market not to cross under the 200 Day Moving Ave. The momentum has been rising for almost a year now and its not going to turn around on a dime. So what I'm saying is it takes a long time for the 200 DMA to start to go down and we now have a candlestick about ready to touch the Avg Line. I don't see any event in the near future that would keep the market above the 200 DMA. I Think the danger here is the traders psychology. It's already a done deal but doesn't as of yet show on the charts and when people see this event happen this week we could flush out down to support at the 1240 area on the S&P 500. I took all my positions off the table on Friday, June 17, 2011. I'm probably going to have to wait until the candlesticks come back above the 200 DMA before I'll take on another long position.
