Wednesday, April 1, 2009

S&P Support Broken

800 on the S&P 500 appears to have been breached. Next support around 772. 

I was weary of any exuberance on March 10th (Bear Market Rally Begins?) and 11th (No Buying) when warning against buying and holding.  I mentioned that while a trade to 8000 was possible the odds of seeing 6470 again were good.  
I'd be weary now too. DOW 7608/S&P 797 is not a time to buy the dip.  It is time to maintain a high level of caution and discipline being highly proactively against losses.

S&P 500: 797

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