On Monday we discussed our expectations for a 2% weak bounce for the week, which would be a 20% retrace of the 10% drop I had predicted we'd have way back (and a bit early) in March. That constitutes a WEAK bounce and not a rally and they almost fooled us on Monday by taking back most of that 2% on day one but, since then – it's been pathetic and we've essentially done nothing the rest of the week.
The levels we were looking for were laid out in Monday's Member Chat and in Tuesday morning's post and were:
- Dow – 12,750 (12,540 is 20% retrace/weak bounce), now 12,529 – off by 11
- S&P – 1,343 (1,319), now 1,320 – off by 1
- Nas – 2,900 (2,840) , now 2,839 – off by 1
- NYSE – 7,720 (7,560), now 7,552 – off by 8
- RUT – 780, (765), now
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