Futures look to opening down 2% down. It's choas in the CNBC studios! Check out
ZeroHedge they were able to catch a great quote from Bernanke.
But the Futures seem to have settled around this area of 985-980.
SPX should open around it's 980 support level. The bears need to break through this to totally control this market.
The 980 is support on the hourly, it is very weak support on the daily.
On the daily chart SPX will open below its 995 support (monthly 200EMA). There is no some strong overhead resistance in the market and gives you clean outs if you are shorting. Resistance is at 992(if the market opens below it), 1000, and 1018.
If you look longer-term on SPX, if the market opens at these levels. It should open back inside its weekly downtrend line.
With the day starting like this, the internals I mentioned last night will look even worse if the market holds this current baisis to the downside. The key now for Da Bears is if they can take out 980. So keep your eyes open to see if there is dip buying.
Here are a few shorts I like:
SVVS- shot up like a rocket. Trendline broken. Actually up pre-market so be careful. Stop at 17.00
CSL (Overbought, MACD divergence, at Resistance) Really like this one
JWN (below 27)
