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Yes, the 40 week is indeed more important at this juncture. it's sitting right at 1452.28

There could very well be a "tradeable" low coming in at these levels, however one must not forget that the Asian Currency Crisis of '98 saw a 13% decline in just 20 trading days. The fact of the matter is that the SPX should have accelerated ( with a very strong bid underneath the market ) to...

Sounds like James Stock, RubberBirdBrain, GhostCrapper . . . :D

That was a 13% drop in 20 trading days. And Niederhoffer's liquidation by his clearning firm ( covering naked S&P puts ) was the dead-ass bottom.

There is decent support where the 40 week MA comes thru on the SPX around 1452.88 Today, we essentially closed near a 50% retracement of the move up from the March lows . . . coming thru at 1459.55 today. 61.8% retracement gets you a target of 1437.00 :)

Thank you Wallace. Excellent chart!

Why would you think that the market should bounce after it closed yesterday (Thursday) below the June 27th support low of 1484.18 SPX? Ever take a look at a WEEKLY chart of the SPX? Try putting a 40 week MA on it and you'll get an idea of where the first bounce can come from. :)

Nope. Sunday is the Full Moon. That's where a "trade-able" low will come in after the "Big Flush". :D

I would tend to agree. The monthly Jan high in the SPX was 1441.60 and the March high was 1438.90 Could very well see some support there for a "trade-able" low.

Don't forget the part about it being a FULL MOON this weekend too! :D

If you have to have some sort of "financial" market reporting on in the background, try Bloomberg TV.

And what is the significance ( in your technical opinion ) of Dow 13,000??? I mean, how many money managers out there are "bogied" to the Dow Jones Industrial Average? Answer: None

Thanks so much for warning all of us, as you "cheerleaded" the last 300 points up in the Dow. Do you feel better now?

From what I have read from many of your posts, you seem to be watching CNBC all the time. I'd rather do my technical work and go over my charts. Why anyone would watch CNBC ( or continue to waste their time ) watching CNBC is absolutely beyond me. Does it make you feel BETTER by doing so?

With all due respect, ALL of the above is crap that the media presents as a reason why the market behaves the way that it does. The bottomline is that the SPX broke out above the 1540 level to NEW HIGHS and failed to accelerate to the upside. When the market came back in UNDER that level and...

The S&P futures say . . . YES! Discount!

Care to show us a "screen-shot" of your current positions?

Heavy volume is good. It means people are panicking.

There is nothing critical at all about the 1480 SPX level. Try 1452.88 which is the 40 WEEK MA.

Great point!