I'm not a fundamental type of guy, I just look at what the chart give me, and as far as I see it from a Technical analyst perspective, this is nothing more but a simple ABC corrective wave from the super extended bull run we had previously. (Thus put the market in a bear market) We could either come back up to the 420 area to clear the shorts which would complete the B Wave, Giving us the opportunity for a easy short all the way to the .618 retracement level which would put is at sub 320 for the rest of the year. the other Scenario is we could reject the 400 area and come down to the 380 area and crab there before legging down again. Either way I am Micro bullish but overall bearish for the rest of this year. FOMC Tomorrow so hopefully we can start seeing some Acceleration in the charts.
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If we dont reject the 430's areas then we most likely will visit the 520's
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Look like 520's was right on the money.