SPX tech update

The strong resistance at the 950/60 level could not be taken out for now and we are now in a small correction (long overdue). The market was kept up by Goldman and JPM in thin markets with last minute buying schemes but could not lift it above the RES. for now but there is a small trick you can use in such cases you just make the markets short by selling down and have the crowd follow you just to trigger another short covering thereafter. This are all classics in market manipulation ( read reminiscence of a stock market operator – strongly recommended). As we have dropped below the lows of the last2 weeks and on the 20 day MA short term longs will have to capitulate as we are heading for quadruple witching. A test of the 870/80 area is now due and latest 820 will due the trick for now. The ultimate target for this overall sucker rally is 1020-50 which should be reached late July. We also have a bearish divergence now in many indicators which should help to wipe out some short term calls til Friday. A close below the gap at 919 confirms further losses the next days.

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~ by behindthematrix on June 15, 2009.

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