Blood On The Street

Blood is flowing on Wall Street today. Nothing was spared, including gold. It looks like the bleeding might not stop until the SP500 get near the 1150-1170 region.




The Head & Shoulder measured move put a target near 1144 if this price pattern plays out. Another possible support level is the minor support level near 1170 that was established back in Oct/Dec 2010. The most likely support level is the 61.8 Fib retracement level near 1150 from the impulse move between the low of July 2010 to the high of May 2011. Keep an eye on these level for possible support for the SP500 (click on the chart to get a larger view).