The Major Indices have now filled in their weak spot that I mentioned in my post on September 13. The question now is whether they can hold above the top of this level which is:
11500 for the Dow 30
1205 for the S&P 500
2220 for the Nasdaq 100
2555 for the Nasdaq Composite
710 for the Russell 2000
4600 for the Dow Transports
542.50 for the S&P 100
Otherwise, the YM, ES, NQ & TF may fall back to their confluence zones mentioned in my post on September 14 before either attempting to reverse the decline from July, or declining further to perhaps new lows for the year...those confluence zones are:
11200ish for the YM
1170ish for the ES
2170ish for the NQ
690ish for the TF
Such a decision may await the results of the Fed meeting next Wednesday. Until then, we may see more sporadic intraday "lurches" with what appears to be institutional buying since September 12.
