Tuesday, September 10, 2013

S and P Futures: 1685.75 is the line in the sand. Here's why:

The 1685.75 high from May 22nd will be big when we get there. 

If the market is strong enough to break through, it should follow the Nasdaq 100 and breakout to new highs (Nasdaq 100 Breakout. source: Bespoke).

However, if we fail around the 1685.75 level, that would develop a BEARISH head and shoulders formation.

Syria, Fed Chairman race, the debt limit, the Taper…..a lot of crosswinds and foggy horizons.

Do what pilots do….navigate with instruments, or in our world, the charts.

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