US stock market continiued to go down Friday. $SPX tested and closed at its daily 20MA/20MA. It just touched the upper limit of the support area : 1035 to 1041, which was the last breakout point. Nasadq tested the support at 2088 - 2090.Monday, we may see some bounce. If $SPX doesn't bounce from here, 1035 would provide support and $SPX may bounce from there. But I think the bounce may be short-lived. Why? $NASI and NYSI are very close to issue new sell signal. $VIX broke above its daily 20MA/20EMA, which is bearish to stock market. Although the trend has not been confired to be down, I think we have higher chance to have seen the important top on 9/23/09. For the bearish scenario, any bounce from Nasadq shouldn't break above 2120 and any bounce from $SPX shouldn't break above 1057 to 1062.
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