This is my long term chart again. We crashed down through 1500, but were quickly arrested. There is tremendous amounts of support around 1488. I was worried we could see 1460 in my last post. It seems we've not broken below this major trend line. I've marked the danger area that we flit in and out of as I write, which is 1480. I'm cautiously looking for some real nice buying opportunities at 1495ish. We might see some consolidation at the current level and perhaps edging up slightly above 1500. If we see 1460 anytime soon, I'm going to be looking for downside protection as that would create a very strong negative signal. Remember the above is a 10 point chart which won't show 1490 until we hit about 1495ish. It's a good time to watch the news. The markets are fickle and over-react to just about anything the Fed say. Although I think the strengthening of the Dollar has more to do with the fiasco in Eurozone. Perhaps people might actually start to realize what a mess the UK is in too, much worse than the US.
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