by Martin Armstrong
Apparently, there are a lot of people calling for a crash in the stock market as usual claiming it looks just like 1987. Sorry, there is nothing of that magnitude showing up at this time. We did elect one Weekly Bearish Reversal back at 18368. However, the main bank of support lies at 17710 followed by 17330. Only a weekly closing below 17330 would hint of a more serious correction. We did rally back and closed above technical support at 18068 last Friday. Now we need to pay attention to this area for a breach of 18050 should mean PAY ATTENTION. A break of 17990 will be more of a warning and this means last week’s low of 17959.95 comes into play. This would warn of a possible drop to 17710.