Last post I recommended waiting for a breakdown or breakout in the current market consolidation trend. When I posted it I assumed it would take until 3/18/11 until the consolidation pattern would break but this sure is happening fast. Yesterday 3/10/11 the market GOT HAMMERED, and the S&P 500 closed just under the important 1300 level. If the S&P 500 fails to close above the 1300 by 3/11/11 we have our breakdown in the current consolidation trend. The S&P 500 would be expected to fall to the next support level of 1275, and if it falls again, 1255. This could take weeks to a month to reach those levels and could indicate a move back down to 1200 level, putting a pause on the bull market until perhaps the end of summer.
We are looking for the market to close below 1300 by close of 3/11/11 which would indicate a breakdown in the current market. Current S&P futures indicate that today (3/11/11) is also going to be a pretty nasty day, and a breakdown is likely.
Btw the talking heads on CNBC are going to say its just a natural sell off following a nice long rally (as they assume everyone was in at the bottom).
P.S. The terrible tsunami is a reminder of how short our time on Earth is, today tell a loved one how much you care about them, I know I will.
Take Care Everyone,
Z
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will check it out and yea that damn tsunami
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