If 9000 fails, which is likely for a bit of a profit taking sell off and end of short covering rally, I think SPW tests 100. And depending on the extent of the back and fill, may or may not hold. Im taking the gains off the table and buying back in the double digits. THIS STOCK CAN FALL 5 pts in a day on a big down day in a heartbeat. Too thin. Seen it happen. I dont want to give up two to three weeks of run in one to two down days.
That was not merrill. He is correct, but it was Goldman Sachs not Merrill who said SPX is in short term technical resistance pattern and may need to test 80 before it can experience any significant upside potential.