Looking at a variety of charts over the past few weeks once the correction for 2400 S&P500 started, I’ve found plenty of support in the 2340-2360 range on the index. If SPY gets below $233, it is probably time to expect a change in the long term signal once the Market Alert Signal gets generated over the next few months. Just anticipating, not predicting or forecasting that to occur. By most measures, the market action since 2400 has created a very oversold position in the market and a bounce would not be unexpected. There are also strong signals that indicate that 2400 was NOT the final high in the intermediate term future. So for now, keep an eye on SPY $233…the market can’t lose too much until that area gets taken out decisively.
Remember, SPY will go “ex-dividend” after next Thursday’s trading, so there will be a “gap” in the chart of roughly $2 again between March 16, and March 17.