I’d be less concerned about the SOX if the rest of the market was in the clear but its not. We’ve been watching resistance in the SPX at 1325 for weeks already. It survived the latest sequence and this could be the single most important technical event of the year no matter what happens. This is the long term bear market’s most important test we may have for a long time. It’s an excellent gauge as to whether we can confirm the March 2009 bottom as a potential generational low. That’s saying a lot but if the SPX pierces at this level it is no longer in bear market territory.
Our session at the New York Expo is 2 weeks from today. You will change the way you look at markets. You should be there. I know the weather has been rough. However, I intend to bring the Arizona sunshine to New York and I’m expecting good weather.
Click charts to enlarge
Jeff Greenblatt is the author of Breakthrough Strategies For Predicting Any Market, editor of the Fibonacci Forecaster, director of Lucas Wave International, LLC. and a private trader for the past eight years.
Lucas Wave International (https://www.lucaswaveinternational.com) provides forecasts of financial markets via the Fibonacci Forecaster and other reports. The company provides coaching/seminars to teach traders around the world about this cutting edge methodology.