Investor psychology very important here: A loss of 13265 which began the impulsive bar generated on 9/13/2012 that also coincides with two significant Fibonacci levels are IMO significant for the bulls.
Why?
1. While traders and investors have been clinging to the FED like a nursing baby for the better part of 3 years, there is too much political risk in this market.
2. Corporate earnings are going to be disappointing.
3. Election uncertainty.
4. Fiscal Cliff
Which if not all spooks this market remains to be seen but a loss of these levels may create enough doubt to induce a more meaningful decline.
As always, let's see.
Best of Trading
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