NYSE update

The market is taking a big hit with the goldman fraud charge from the SEC. You will notice on this chart at 7560 and 7300. We took out the support level of yesterdays close, the way I use these charts is that a break of my levels implies a high probablity move to the next level. A close 10+ points or so below 7560 will imply the NYSE is likely to head to 7300. I would not have any risk on trades on if this happens as a move to 7300 would likely hurt my gold trade.

My bet in the mean time is 7560 holds and we bounce back on monday. The trendline on NYSE is toast. When a trendline breaks it implies one of two things. We are heading south or we are gonna trade sideways. With the strong move as of late in the markets sideways trading is likely as the market trades off its overbought status. While we could head south I am not counting on until I see weakness in holding that 7560 level.

So 7560 looks good for a support level right now.