OIL, GOLD Continue Slid, Long Reversal Odds Increasing

Good morning everyone! Pre-market futures are slightly lower today. As usual, here is your S&P support and resistance levels for intra-day trades on the index. I just want to make one note about the emails I'm getting from everyone advising me to go short. To put it bluntly and straight forward, we have already fallen too far too fast in the short term to even consider a short trade today on the indexes. If we do in fact close down today again, that would be the 3rd consecutive close down after nearly a 10% sell-off on the S&P. So, let me reverse the scenario, if you were long for 3 consecutive days and made 10%, wouldn't you think about closing out your position and taking some profits? Probably would, huh? It's the same type of thinking that we are up against now. Bearz from last week are now realizing that we have made a very good move down and are thinking of taking some profits off the table. Additionally, we are approaching my DOW support level that I mentioned over the weekend on the Trading Video below. All and all, don't get caught up in the heard mentality, stick to the charts and listen to what they are telling you. Happy Trading!