INDEX UPDATE
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Earlier this morning the futures were down 1-3 points, but after 6:00 they started falling, and now down around 10.
I was hoping for a flat day, to add onto my position, but it looks like it could be fairly negative.
Unless the market drops alot today, we may be in a set-up for a very strong negative day on Thursday.
I realise that the futures can be misleading, however I am sensing that 8300 support range may not hold. 8300 not holding implies, per my technicals that the probability of the DOW breaking of 8000 to the downside is increasing.
If I am correct, we should be down for the next 2-3 days, with a possible break of 8300 support range, then next MON/TUE/WED we should have some sideways action with only a very slight bias to the upside. Then the nastiness to the downside to resume next WED/THUR, which could be the beginning of the really big dump.
If we retest or break(more likely) the 8300 support this week, and cannot rebound more than 200 points next MON/TUE/WED, then that would be one strong hint that the next downswing could be extremely large and should break 8000 to the downside.
Even if I am wrong, this is not the time to go long.
Seeya
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