What the Bulls Absolutely don’t Want to see Happen
And That IS..
A close below 1812 on the S&P.
That is the low for September 2015 and is supposed to be, for Long Term Macro Cycle Traders, the “no touch” point for the up move that started in 2009.
That level if the market drops through there, is a 38 percent drop off the Index high.
Down the road we will talk about that level and what it means to the legacy of the Bernanke QE-2 plus programs.
In the Meantime..
The 2430 area on the S&P will probably be a resistance point for a rally or two.