S&P 500 - October 19, 2010 - Intraday

We have been correct suspecting the market, especially after Friday's narrow tech rally.

That being said, so far, despite the scary drop, all both SPX and NDX have done is a hit and bounce off 13 EMA (remember I said area around 13 EMA was immediate support?)

That said, there is no place for complacency. My 1170 level was hit. Next level after that, 1165 was not hit.

S&P needs a move above 1180 short term to perhaps find a positive footing.

Longer term, all we have discussed about the daily and weekly charts is still valid to me.

Have a Nice Lunch!