the bulls had, definitely, regained more momentums after Monday’s broad-based advance. However, we aren’t out of the woods yet. The bulls are going to have a difficult time around the 1112-1120 areas on the S&P 500 index.
the S&P undercut key support after last week’s massive sell off. The action is bearish and had raised the odds for a test of last October-November lows of 1030-1020. The market however, is pretty much oversold following recent decline so we’re not expecting much more downside without at least some short-term consolidation first.
the S&P had reached the most oversold level since summer 2009 and is threatening to break key support. A sustain drop below that level could trigger another massive sell off that has the potential pushing the index directly into the areas of last October-November lows – that’s about 5 percents below where we sit.
標普已經來到2009年夏天以來最超賣的位置,有可能跌破關鍵支撐。一旦支撐位被有效突破,將觸發新一輪大跌行情,有可能將指數推向去年10-11月低點區域,距離當前點位大約5%。