Great day in the market – we closed below that critical price level of 1056 on the S&P, that I mentioned in this morning’s trading plan. However, the market, from an intraday standpoint, did not make it easy on the bears, as it tried multiple times to make a run and close the gap from this morning. Another surge in selling during the last half hour of the trading session though, brought everything together, and avoided the nasty hammer candle for the day. We could get a bounce tomorrow, however, this market is ultimately heading for a retest of the 7/1 lows at 1010 on the S&P.
Also worth mentioning is the volume levels came in fairly strong, which helps confirm the move down today. We also had a confirmation of the mini-head and shoulders pattern (from July & August), as well. I’ll make it a point to do a posting on that later tonight.
