Well, we got down to 840.25 just 3.25pts off the 837 level I stated we would get to in the post "Likely market action today." I trust you traders out there were listening because if you went LONG there you got quite a nice little pop.
The market found support at that level and bounced all the way back to around 888 on the SP 500 index. So what does this mean, well, the real test is coming around 1500 when the traders decide how they want to spend the weekend: long and worrying about an ASIAN response to the meltdown, or flat which means they have to sell out of all their positions before the end of day (EOD).
If we don't get a big sell-off into the close, we may even get a PTS (profit taking session) which today would be to the upside to test the 890 level before the close at 16:15 EDT.
Watch the markets beginning at 15:00 (that's 3:00 PM for civilians, and big hand is on the 12, and the little hand is on the 3 for public school attendees). If they start to sell-off the panic will spread fast and we could end up around 8000 or lower on the DOW and take out the 837 level on the SP 500.
More after the dust settles.
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