A quick post showing the support levels on S&P, which we seem to be approaching....fast. If these levels fall, all bets are off. Personally, I expect to see some kind of bounce from these levels and the strength of any such bounce would give us a clue to where these markets are headed.
The S&P seems to be approaching MA(20) - 1128.57- for the first time since the 1st of September, when the market was at the 1180 level. We have obviously come a long way since and it will be interesting to see if this level holds. The August highs between 1128-1130 should also provide support to the markets. So, a lot of underlying support here and it will be interesting to see if dip buyers step in here.
I entered VZ at 33.11 and BVN at 44.95. Both are small starting positions.
Take care and good luck!
P.S.: There will be no blog posts later today as am not feeling well.