jkl77: As you know, I believe that the best signals for bottoms are either a selling climax or a double bottom that is successful. So either would be a positive sign of a tradeable bottom. Spx could test 1200, probably will imho, and if it holds on a closing basis on a bullish intraday reversal day, that could be a bottom, but if it closes near 1200 but without a strong close that is a reversal, then we would very likely make lower lows in the mid to low 1100's.
Right now the market has a lot to prove technically before a new intermed uptrend is shown, imo. A washout of the generals, like fert and oil majors along with other stocks, could lead the way to a better rally.
regards,
drbob |
