Long-term bottom right here: 1170

[The Kin]

The Fed has successfully stopped the panic and stocks are beginning a rebound. 1170 on the S&P will therefore mark the long term bottom.

 

[Now is Now]

Quote from The Kin:

1170 on the S&P will therefore be the long term bottom.

Don't sit on it (bottom) as you will more than likely hit the floor...it is way too early to call any market level.

 

[MrDODGE]

By long-term do you mean next month when someone else has a problem?

 

[crash n burn]

wait until sunday to call a bottom, which is, as of late, the busiest day in the week. a couple of mergers, bailouts and C11 on the verge...

 

[circadian]

Quote from MrDODGE:

By long-term do you mean next month when someone else has a problem?

Exactly. The technical setup is the classic 50% retracement down from the 2002 recession low, to the 2007 high on the S&P. This would be a great setup if there was not a "sky is falling" scenario on the street right now. We will see lower lows than this, but this might serve as a nice point of congestion/consolidation after our downdraft of a week so far. It's going to take a while to rectify this situation.