S&P is right at the support zone of 1341. Next support zone we have is at around 1295. Looking at the todays action S&P may very well touch 1295 support zone before end of this week. Today was the largest price move since Jan 1st and it was down side. Finally S&P is hit with the supply after massive rally.
Today we had the most negative breadth since start of this rally with most negative dollar volume. Which means this downwards rally not only had small caps but also big caps participations. Looking at this market breadth, we should see at least 1295 level in S&P.
Overbought-oversold ratio turned sharp negative this also support that we should see 1295 very soon in S&P.
Looking at this market actions, I will be looking for good shorting opportunity tonight.
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