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

By Red, on October 27th, 2009

bitch-slap-the-movie (Medium)

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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  • jaywiz10534

    correcting the JULy8th to oct20 from 870 to 1101 = 230 pts
    posted various levels at the blog
    spx likes to make 40pt moves and i have been using that as a rule of thumb measure
    even the last runup was 81 pts
    230 X 38% = 88 pts = spx to 1013, but we should get more than that.
    the previous degree correction was 86 pts at 870 spx on Aug17.
    so this one should be larger, i would think.
    Jay

    • http://www.reddragonleo.com Red Dragon Leo

      I'm looking for 1040-1050 this week, then a bounce back up. After the bounce is done, we should continue back down. Support at 1020 and 998-1000. I think we'll pause a 1020 on the way down, but it should break on this trip down. Then we'll hit the 998-1000 area and bounce again.

  • Turbo Tim

    Thanks Red

  • jaywiz10534

    correcting the JULy8th to oct20 from 870 to 1101 = 230 pts
    posted various levels at the blog
    spx likes to make 40pt moves and i have been using that as a rule of thumb measure
    even the last runup was 81 pts
    230 X 38% = 88 pts = spx to 1013, but we should get more than that.
    the previous degree correction was 86 pts at 870 spx on Aug17.
    so this one should be larger, i would think.
    Jay

  • http://www.reddragonleo.com Red Dragon Leo

    I'm looking for 1040-1050 this week, then a bounce back up. After the bounce is done, we should continue back down. Support at 1020 and 998-1000. I think we'll pause a 1020 on the way down, but it should break on this trip down. Then we'll hit the 998-1000 area and bounce again.

  • Turbo Tim

    Thanks Red

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