Editor's Note: The following analysis was offered this morning via Scott Reamer's technical service. We share the vibe on the 'Ville with educational intents and is not intended as advice. For more information regarding Scott's unique approach, please click here.
No change from Friday's update. Our analysis suggests downside from the current blue chip prices as both our price and time targets have been hit. A move through DOW 10660 and SPX 1211 would force us to the sideline.
The size and time consumed in the next decline should go a long way toward giving us more or less confidence in the larger bearish intermediate term call: that the March peaks represent important tops in equity prices that will not be surpassed and will soon lead to a resumption of the bearish trend underway from Q1:05.
For now, the short term is giving us a good risk/reward toward the bearish interpretation; we will know as soon as the end of this week whether that short term setup will turn into a good long term one. Stay tuned.
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