I am looking at level 1 to be its first support. Level 2 would be next. If level 2 does not hold then a much deeper correction is in the cards.
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Level 2 breached. Extended decline is the next level
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Level 2 unbroken on the upside, extended decline still minimum target
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Next level coming up next week
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We are back down in the 2590's. I think there will be some support here but more downside to come. If there is no support you could expect a gap down. I have been short this idea in the form of VIX (long volatility). I leverage that by shorting the S&P when the risk/reward is in my favor. I continue to hold VIX, and will re-enter my S&P futures short when the opportunity presents itself. I am interested at 2640 retest to leverage the short trade.
There will be excellent buying opportunities coming. I will publish which sector(s) I think will be the best to invest in when things look really bad (not when this is over!). We want our stock cheap. If we wait till the mess is over, we will miss the biggest gains.
There will be excellent buying opportunities coming. I will publish which sector(s) I think will be the best to invest in when things look really bad (not when this is over!). We want our stock cheap. If we wait till the mess is over, we will miss the biggest gains.