One Step Closer to Gassing ~ The Risk Averse Alert

Wednesday, May 09, 2012

One Step Closer to Gassing

Two things...

SPX 1-min

First, five waves down from May 1st peak could have completed today.


And second, the arbitrary line of S&P 500 support/resistance identified a few days ago has been crossed, and this with volume increasing right into today's bottom. All signs are there's more selling ahead. Still, a challenge of resistance lasting some days could prove useful technical setup for an imminent gassing (that is if this is to be — if resistance proves of consequence).

Fast Money
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