Only 45 minutes after my BOT short call signal I might have to flip flop and negate the signal. It all depends on how we close today. In a previous post I indicated that a close under 1120 on the sp500 would slip the market quite bearish.
So far today the weakness is moderating quite a bit. If we close slightly up today or only 1/2% down then it could potentially be another bullish continuation signal.
The 9/20/2010 breakout day was an important breakout. The problem is that it was not on convincing volume. So now we seem to be doing the typical retest of new support which so far is holding. So if we close slightly up or only very modestly down today then it may be a sign that we successfully tested new support after the initial breakout.
1120 is still key. I am keeping the BOT Short signal alive for now but I might have to do a complete flip flop by the close today or sometime tomorrow depending on how things settle out.