Stock Market in Correction Mode: 10-24-09 Stock Market Analysis

[Inatoatnek]

Hey, after Mondays Market close, does your assumption about a correction become stronger or do you except another bounce to 1100. Thanks.

[SPYoptionstrader]

Given today's action, I would expect a deeper correction. Now that the 20 day ema is broken, I think the market will probably retest the 50 day ema, which is around 1050. If the 50 day ema holds again like last time, then there's a good chance of shooting for 1100. If not, then I would assume 1100 would be the top for now.