Tuesday, September 4, 2012

SPX 1400 Support Has Been Weakened

SGS is Long (As of close of 4/30/2012)

Support at 1400 for SPX has been tested and held 3 times since SPX put in a new multi year high on August 21.  I believe that support has been weakened now and is ready to break.  Chances are good that we see a sell off to test where the two primary trend lines meet (uptrend and downtrend) around mid 1380's.  My plan is to to buy back into 4 index ETF's (DIA, SPY, IWM and QQQ), a total of 3 buys starting at  SPX 1386.

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Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation.  Furthermore, the opinions expressed may change without notice.