SPX crossed below my TA target support of ~850 and stayed below. To make things worst, volume picked up. Does it mean that SPX will continue to tank further ??
I have little choice but to be bearish bias now, since technically, the rally that started in Nov 2008, has finally ENDED !!!
However, it has happened before that "fake" break outs or downs occur, the most recent being late Nov08. Don't mistake this for not accepting what is written on the wall so far. The intention is more to confirm the situation. Afterall, the last thing anyone of us wants happening is to be whipsawed..ie., entering a Bearish position only to see Index starts rebounding.
SPX 15 Mins Chart
It is therefore, necessary to be cautious about jumping the gun to start entering bearish positions. Let the index confirm itself for another session or two. But of cos, if you were an aggressive trader/investor and willing to stomache the risks, it is no better time than soon, to begin shooting pool and guzzling beers with the bears...
For me, I wont yet bet the ranch on being too short now, well, at least not yet
Good luck and Huat Huat !!!!
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