Suffice it to say - as being indicated through other methods, such as the alternative Elliott Wave counts, and the charts I posted yesterday showing some potential bullishness in the short-term charts but continued bearishness in the longer-term (weekly and monthly) charts ... and as even discussed by Merriman in his astrological commentary ... this is a time when things could "go either way" as far as I can tell. I will be candid - although I had tilted bullish coming out of the late November lows, I'm tilting bearish now. Based on everything I'm looking at - sure, I don't think the case for new lows is "slam-dunk." This also corresponds to Terry Laundry's T-Theory comments at his site (in the list at right) posted Dec. 26 of an early January objective at 940, to be followed by a steep correction downward in the following weeks. (940 is interesting, but I also like 960, including for the reasons I marked as trendlines on SPX charts posted here yesterday.)
But even as a trader just based on my personal (few) years of experience, the break of the 2002/2003 lows in SPX signalled to me the very real potential of coming back to test that and perhaps move lower. And what I'm seeing in the several resources I use is confirming to me that this is not the time to be a bullish "hero" - certainly not without stop loss protection on any long positions!
Clearly if you're trying to swing trade short, the same goes - pick your entries carefully, use good stop loss protection, and look for confirmation for confidence in your position. Or, if you're in cash and just watching the key pivot and support/resistance levels - nothing wrong with that either!
Okay, so much for written comments - here are the week cycle charts from ChartsEdge:
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