SPX appears to be challenging mid-cycle resistance at 1226.60 or intermediate-term trend resistance at 1228.70. This attack comes from the futures market where high leverage can move markets with small amounts of money. The Fed has bailed out the world once again. However, it may be too little, too late as the markets are on the bearish side of the trend both on the hourly and daily charts, even after the jolt of liquidity overnight.

It is unfortunate that we have given up last week gains in our short positions. However, the decline isn't over yet.

This morning's Spike up may not last.

Regards,

Tony

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Anthony M. Cherniawski, President and CIO http://www.thepracticalinvestor.com

As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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