The 200 day at S&P 1096 held the market up for the first few hours of the session but now there is a clear break below. Indeed, the close is far more important than the intraday action but bulls have some work to do here. If 1097 is not regained by end of day, and/or there is no stick save by end of week... Houston could have a problem. At minimum the bias has to change from giddy and Kool Aid drinking to neutral. And soon it could be back to the dark side. That said, I am very wary of HAL9000's tricky ways - he likes to push the market to a spot where stop losses will trigger and people will turn from bear to bull, and then reverse the market on us. So I'm trying to think more like a silicon based product, rather than carbon.
People with far better supercomputers than the one in my cranium say S&P 1086/1087 is a key level... that looks to be the 50 day simple moving average... and below that apparently all hope is lost. Wait, weren't we challenging multi month highs just 2 days ago? ;)
Gosh, all this even when the 4 year olds that dominate the market got (almost) exactly what they demanded from
daddy Uncle Ben.
Hopefully the Fed does an emergency rate hike here to save the market... what's that?