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.
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