There have been two big gap downs in a row, and the first one filled, which means today's gap down is less likely to be filled. On Friday and Tuesday, the market has been tested on the downside only to rally into the close. I don't see that happening today. Each time you knock on support, it gets weaker. We have already busted through that 1106 area which was support on Friday in the premarket. We're likely to close on the lows with the Fed news out of the way.
Looking past today, we're probably going to top around the 1095-1125 area before seeking a trend, which should be down.
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Charles Nenner predicted the resumption of the bear market mid-August. So yesterday, I started liquidating longs.
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