That’s What I Call a Good “Bitch Slap”…

Well, it looks like the bulls finally got “bitch slapped”… It’s about time!  Over 242 millions shares traded on the spy today… and that means a “Down Day”.  As I said in my weekend post, I was looking for 1090 to be hit before any more selling.  It hit it, and dropped like a rock!

Wow!  I didn’t see that coming.  I was wrong on my gut feeling that the market go down in the morning and up in the afternoon, but I guess you can’t get everything right.  Anyway, I’ll keep this simple… big support at 1040.  Expect a bounce there for a day or two, then more selling.

Next support is 1020, then 998-1000.  I think that area will be hit sometime next month.  Probably by option expiration.  As for tomorrow, I say a pause day is in order… but you never know?  Once the bears start slapping the bulls around… they might not stop for awhile.

Red

Almost ready for a bounce...

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