Posted Oct 15, 2014 by Martin Armstrong
This is the main channel – the Weekly Breakout Channel. A retest of that area is normal in any uptrend. The top of that channel lies at 15574. The key weekly closing support lies at 15970. The key levels to watch at 15665, 15370,15280, and 14450. A weekly closing beneath 14450 would signal a break is possible to 11119.
The next Daily Bearish Reversal lies at 15824. A closing below that would signal two more days down. So far, nothing has changed. Today may still form the low if 15824 holds for the close. Otherwise, look to 15176 and then we enter the 14 zone. Therefore, holding the 14700 level on a quarterly closing basis would keep the market tone very bullish long-term.