Tuesday, March 15, 2011

We Broke Down

     Today we broke down, and nothing can happen later to change that.  Ben Bernanke will come out and maybe the markets will rally off lows but we broke down.  Expect the S&P 500 to fall from 1273 (as I write this) now to 1227 support by mid April, and if that level is broken, 1191.  We currently have resistance at 1278 but that may be a good spot for the markets to close today.  Today was a panic sell-off, they happen and usually the next day follow small retracements.  We have had our rally from last September, and traders are taking off their positions.  It will take a few weeks, but we are selling off.

Z

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