With S & P 500 broke down below 1044 points, the super bearish head & shoulders chart formation has been confirmed. Using the distance from the neck-line to the head as price projection, the S&P500 is expected to fall to around 877 points. After that, there is a possibility that it might fall back to its March 2009 low of 666 points, a devil's number.
For the savvy investors or traders, they may be getting ready to short the market. For those who only like to go long, they may be hording cash in their various bank accounts, waiting for the bottom to come and then attack at the right time. It is going to be very interesting in the coming days to see how the market behaves.
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