Archived IMT (2009.03.02)

The gap down in today's S&P500 open suggests that the November lows of 741 will stand as a temporary resistance, followed by the trend line resistance of 755. Dow interim resistance stands at 7,356 and 7,500, to which bear market rally players will likely take the next rally. VIX made a remarkable gap higher at the open, trading at 51.31, while vital resistance is imposed at 53.70the trend line resistance extending from the Oct high thru the Nov high. Rebounds of less than 20% will undoubtedly occur, but I reiterate that no real intermediate low is in the works until July 2009. Until then , expect renewed losses in CAD, NZD and GBP.