We may have settled. But…..

I’m not trying to find a reason to stay in but I’m making an observation on the S&P 500. Since Monday, we gapped into a channel and it appears we may have finally slowed the descent and may have bottomed. It could be bottoming fishing but it most likely consolidation. This is very important in that if it holds above the bottom of the channel and starts to climb through upper channel, we might be off and running again. So, $1406 is important. If break though this the next major support down, will be $1395.

I’ll be watching $1406 until 11:45 and if that breaks, I will bail to safety.