Close:The bears are back in full force. It is now going to be very difficult to make most investors believe in the next rally, if and when it comes. There will be selling on any overbought conditions for some time.
SPX (chart) is now confirming the head and shoulder that formed over the past six weeks with a break of the neckline at 1370. Potential downside projections are as follows: 38.2% at 1343, 50% at 1334.65 and 61.8% at 1326.
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on Friday, June 06, 2008 at 6/06/2008 07:36:00 PM.
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