Friday, October 12, 2012

Open Weekend Post 10/13-14/12

You know the drill, share the love and the knowledge.

Not much to say as the market has snuck down to major support diagonal, the 50dma and sits just above the 1422 top s/r. It appears that the divergences on the Daily SPX chart I have been showing all week may be about to take their toll. If this level goes, then we may have more than the 1400 support level to worry about. If that is so, THE major top may be set. That is something that we all must consider at this point given the blue wedge overthrow, the double top and the blow off top. If this goes lower blue wedge diagonal support should be in play and possibly 1374 level which I deem with 1260 as possibly the last major support levels before the end.

Have a great weekend!

GL and GB!

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