7 nov 2012

Although we did not have a higher high this morning before the move down.  We did get it from the Futures (ES).  Therefore yesterdays analysis is valid.  We finally put in a lower low on the SPX like we were looking for and we could look for one more downside before we rally up.1380 is the 200MA for SPX so we will look at that level.  This was the previous chart I drew up a few days ago.  The wedge did not pan out but in general it did its job by making a lower low.