It's the battle of the head and shoulders and a struggle between the 50 and 200 SMA. As I posted earlier today, the 50 SMA was expected to provide some support. The question now is will it hold.
It looks like Cisco's results may add some fuel for the bears.
With the market below the 20 SMA the lower Bollinger Band looks like a ripe target at 1064. There is some support down near 1056 as well.
1056 appears to also fall near that black descending trendline drawn off the Apr high.
Perhaps we are working on a 38% retracment to complete T1 just like in 7/2009.
Here's an update to this chart. Remember those whipsaws last year??
Emini shows Fib support near 1050 as well.
