Yesterday's non response to the Fed + the overnight selloff (Argentina probable default) indicate that a Sell Signal should occur today at the open. It is clear that we need a pullback – but how far down?
Initial support indicated by MOB is 1945 at the 55EMA, then 1935, then 1920s.
As sell signals can rapidly develop into Buy signals at lower levels, I have drawn a possible T structure that could develop out of this, and will re-draw daily.
