S&P 500 - October 27, 2012

I have launched a BottomFinder curve (red dashed curve) and it's currently around 26%

Index closed the week below its nearby support curve of 1426 and is in danger of confirming a mid-term downtrend

Next weekly support curve is around 1373

On a daily chart

1375-1385 area looks like important technical support

Index has entered the timing band of an intermediate cycle low

In the previous post, I said:

"It would be good if we could get a swing low above 1375-1385. It would be even better if index could have another sharp spike down into 1375-1385 before giving a swing low"


we had the spike down, especially in the future market Thursday night, and all conditions are there for a swing low to give a potential bottom for an intermediate cycle low


Potential, of course, is way different than certainty.


Real-time, playing the right side of the chart, there are no certainties -- only probabilities


Unlike pundits, who know it all after the fact, the real players need to just take probable chances, without any certainty, and use money and risk management to make sure losses are contained if things go against them



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