Market Forecast S&P500 - Market Crash Coming?

Posted by Patrick Ceresna on Aug 13, 2013 7:39:00 AM

Yesterday the S&P500 hit a swing low 1675.00 before a solid reversal. In yesterday’s forecast we suggested that there is room for a rally this week to squeeze out overzealous traders that are being too aggressive getting short and we got it. We must observe if the bulls can follow through to the upside, because a failure to exceed 1705.00 highs from the start of the month would start to plant the seeds of a topping formation. Those of our readers that have taken our Technical Masters Program understand the rules of symmetry, and it is interesting that the rallies in the Nasdaq100 and the S&P500 have both stalled out at the completion of measured moves. For a market correction to start off these levels would be very natural for the markets.

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Topics: Market Forecast, s&p500, Nikkei

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