First look at this chart:

You should see that, on friday, we closed right at a major support level.  A drop below it and then that line becomes resistance, with the next major support well below current levels.  A key intersection point also hits us at the end of July.  A break below that intersection point would be devastating.

Now let us talk about a few things:

Astrology

Some excerpts from Arch Crawford’s recent interview (in May).

… view of the planets from New York City on Aug. 1, at 6am.We have the most planets in the tightest alignments and at the supposedly ‘sensitive’ Zero degrees of Cardinal signs. It makes the hair on the back of my neck stand up.

I looked at records going back to the 1800’s, and this is the most difficult alignment I found.

… Worst cases include a nuclear accident. Nuclear war. Massive societal collapse. Maybe a pole flip, which can wipe out nearly everything.

… Our markets may be the least of our worries, given this powerful and chaotic frame. The Mormon mandate of keeping two years worth of food and water in your home is common sense.

Reading that is very scary.

The Lunar eclipse conjunct Pluto this weekend may contain the trigger that sets off the summers’ scary period.

From http://marketdirection.info

The notable feature of the lunar eclipse is the Moon’s conjunction with Pluto, with this point squared by Jupiter and Uranus. Jupiter and Uranus conjoin at the potent cardinal point of 0 Aries only 15 days before this eclipse. Such a spectacular T-square contains within it potent energies for reform and/or revolution against the status quo. The very energetic mix of Jupiter and Uranus in Aries shows the potential for proactive reform or explosive reactivity and revolution. Many astrological authors have spoken of the dynamic cardinal T-square in August 2010 which combines Saturn, Pluto, Uranus and Jupiter. This lunar eclipse is likely to be a precursor to that event.

So the crash could start next week with an initial move down

Also I noticed a post on Traders Talk that identifies that on June 24-27 mercury is cutting through the gigantic constallation, it’s kind of a mini T-square to the big one. Therefore there could be a maximum energy release in the market in that period.

Tech Analysis

These charts were kindly donated by M33 from the community lounge.

Elliot Waves

One possible scenario