Thus far in the Asian session, things have only gotten worse. Now, the S&Ps are trading down over 30 points at 1935.50 – only a few precious points above the critical support (for the bulls) outlined here last night at 1931. Any 240-minute close below 1931 will spell very real trouble for anyone long of equities.
Resistance that must be conquered to turn me bullish short-term: 1992.75
Projected macro trend at this time: lower with possible 12 to 18 month targets of 1709 and/or 1448Implications of outlook for investors: Use rallies like last week’s (and Monday’s mid-day ramp) to lighten up on stocks and get portfolio into more of a neutral to bearish posture.