SPX tech update

This weeks price action is getting very clear in its message as the 850 support was taken out with a flood of bad news. We will have to retest the lows already in the near term and very likely even produce a bit lower new lows to create a bullish divergence before a even stronger second sucker rally can develop. The first one was anyway mostly engineered over the holidays and as most of the times than people who never predicted a toıp suddenly know where the lows are and the talking heads get excited about that its usually does not happen. The pathetic approach to call this market cheap is again a shameless campaign to fool the people with phony statistics. Thanks to phony promises that Obama will create 4 mil jobs and plenty of new printed worthless money thrown into the economies around the world soon will likely have a big sucker rally starting early Feb but rather developing the weeks thereafter into the next quarter. The current down move will last another 3-4 weeks to complete the counts and approach the required levels.