S&P 500 going to 800 - win short, lose long

On Sept 17, we predicted that the S&P 500 would go to 800 if it failed to find support at 1050.  The index pierced 1050 a few days ago and hasn’t looked back since.

In the last couple of days several of the experts interviewed on Bloomberg TV have spoken in terms of S&P 500 in the 800-900 range.  Bloomberg’s guest technical analyst Louise Yamada predicts support may be found at 850.

If support is not found at 800 to 850, there is isn’t much in the technical world to suggest the next level of support.  Anything could happen.  Given the amazing last few weeks it might be appropriate to say that just about anything will happen.

In addition to looking at the price chart for clues about future prices, the “volume at price” indicator is concerning.

There is massive overhead ownership of SPY at prices above 80 (the rough equivalent of the S&P index at 800), as well as above t