Bulls Beware

There is no doubt that the NASDAQ along with other major US indices are still firmly in the grasp of the bigger bearish trend. The current correction to the Daily 100 SMA is also not unexpected. My suspicions for the past 2 weeks has been that we will either see a bearish reversal occurring somewhere between the Daily 100 SMA @ 12900 and the yearly R1 pivot @ 13400. The initial short term bearish target would be the monthly pivot @ 12400 while a deeper reversal should see 11900. Anything below 12900 will likely lead to a new yearly low.