I still have 1850, but it is conditional on 2052 being breached. We now have three support before that, 2250, 2095 and 2052 itself. Don;t forget the February massacre, it got us from 2872 on January 31st to 1630 or so in early April. If you look at sentiment indicators here, they are worst than what they were January 31st. I am not saying we'll have a repeat, but can it happen, sure it can. Do I think it is a high probability event? I posted on that earlier, a major decline back to the 1600' has less than 25% probability right now. I am still donning my bull suit, and to change back to a "major bearish" stance a lot of additional indicators would have to go bad on me. Right now, they are still saying the main trend is up. Mind you, few indicators are now strongly pointing out to a short term reversal starting Wednesday afternoon, but noting more than a retest of the 2250 area. still quite bullish. Only if that does not hold and additional indicators flip, will I turn bearish.
Zeev |
