...the SPX 500 violated the 50% retrace of the 4 October 2011 to 27 October 2011 rally *1183 with an intraday Low *1181.65 so far and price action appears weak - the soft price action suggests lower prices ahead as long as weekly trendline resistance current *1222.74 caps the upside - the next logical down target is the 10 October 2011 price/50-dsma Crossing *1175.92 - potential to stretch lower to challenge the 10 October 2011 Low *1158.15 before setting a near term bottom
Kind Regards
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