Friday I said: 1190.68 and more importantly, 1181.23 are the levels to watch for me. Getting below these spots would signal that rallies should be sold. The target would be under 1100 at least.
As these levels were broken, I then Tweeted "Pray for rallies and sell them."
S&P futures have now broken down to a low of 1136 overnight, making what looks like a double bottom. Friday was a low volume decline, as was yesterday's rout in Europe. With the futures looking like they may have found an intermediate bottom, the odds shift to a bounce.
It could be a significant one, so pray for it.
Should one develop, Friday's 1186 highs are the target. I'm not looking for a meltdown from these levels. Below is 1135.91, 1123, and 1100.
An amazing amount of bad news was dumped on the market yesterday during the European session, particularly concerning the banking sector. I'm thinking it wrong-foots a lot of people before resuming its trend down.
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