I just wanted to get these two charts out to show we've reached an inflection and possible bounce point. Despite blowing through major moving averages across all time-frames you can see on the first chart we are still within an uptrend (until that line is broken). Take a look at the RSI on the second chart and how it's plunged worse than the last crash. If the market rallies from this point the 1165 area looks magnetic and it will bring out the Head&Shoulders crowd because that would resolve at 980! However 1136 is a big-time pivot. On the other side of the coin you'll have Lazlo Berini and Barton Bigs backing up the truck. Imho, we could see this choppy market persist through June but the question is when do the Dems solve the next crisis to give them a feather in their cap heading towards mid-terms?
[Update] Here is a quick and dirty monthly view.
I will try to follow-up with more detail on intermediate targets and scenarios as time permits.
Good Luck.
