But Wait…There’s More!

Yesterday got us most of the way to our next downside targets.  If our monkey bones are to be believed, though, we have a little further to fall before tagging the 200-day moving averages.

And, that’s when things could get really interesting.  The bulls would like nothing more than a clean and jerk at SPX 2608 and DJIA 23660 — a mere 1% below yesterday’s close.  But, COMP is still 2.7% away from its SMA200 at 6819.

So, either we’re in for another few days of floundering — while COMP’s SMA200 gradually works its way higher, to a level that doesn’t punish SPX.  Or, we could see investors panic when SPX drops through its important support.  And, we all know what that looks like.

Our targets haven’t changed one bit since last week.  So, grab some popcorn and enjoy the show.  The good part should come around 10:30, when EIA inventory data is released.

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