ES off about 12 points at this time, working towards backtesting a TL from last Wednesday. This would mean giving up about half its meltup since then, with plenty of indicators still pointing toward additional downside — but, VIX continues to insert itself into the equation in a big way.
TNX has reached trend line support, minimizing that particular drama by having delayed the drop.But, oil and gas still have a big drop ahead of them. And, virtually all of the bell cows we’ve been tracking these past few weeks (TLSA, FB, AMZN, DB, etc.) continue to look quite vulnerable.
Toss in the fact that the yield curve is making new lows. Can the market keep it together?Our downside targets from Mar 28 [see: More Where That Came From] remain in force.
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