SPX nailed our first target yesterday, and came within inches of our second. After the close, the futures collapsed and finished the job, only to soar after the debate results suggested that FOMC members didn’t necessarily need to start polishing their resumes.
However, the news cycle came roaring back overnight. Deutsche Bank apparently didn’t go away. Oil producers have no interest in capping production. And, Japan is still a mess.
SPX is likely to tag our next downside target without any difficulty. The question is whether or not it will stop there.
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