We rallied to the 50% retrace level at the same time that we hit the 38.2% Fib Arc level and 61.8% Fib Fan level from March 09 low to 1370 high. Is there such a thing as picture perfect? Well, I think we will find out again in October or November where those levels all seem to converge again. The 200 day SMA is currently at 1284 and on a path to cross at these resistance levels in October or November. Talk about an terrific short opportunity! If we get a lower low prior to then I will go long (currently in cash) and ride it up to those levels where I will build up short positions. Just have to wait and see how it unfolds.
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=3&dy=0&id=p05277897945&a=240861572&listNum=1
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