The Day After

TPTB have done a remarkable job keeping the earth from shattering.  But, of course, all those margin calls are being dealt with this morning.  So, we’ll see just how big a deal it was over the next 7 hours or so.

We suggested faded yesterday’s opening highs (2013ish), which proved to be the smart play.  From our initial post:

I’d fade this morning’s rally at the first opportunity, with an initial target of the SMA100 at 2007, and a secondary target that .886 at 1986.35 that we didn’t quite tag yesterday.

SPX tried to rally multiple times — with the usual nudges from USDJPY and VIX — but, managed to close at the lows yet again (1991.47.)  Futures are off about 5 points at this writing.  So, I suspect we’ll finally tag our downside target of 1986.35 that was narrowly missed on Wednesday.

2015-01-16-SPX 30-0600If that doesn’t hold, our remaining targets remain in force from earlier in the week.

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