Today’s action should serve to let off some steam after a rather ferocious bounce from last week’s lows. The horses that took prices higher are all backtesting key support levels. Whether or not they will hold is the question on everyone’s minds.
SPX should reach Friday’s target lows without too much trouble — being that it’s no longer Friday. Remember when stocks used to occasionally sell off into the weekend? Note that our current forecast has been updated.
I’ve also updated charts on NYSE, RUT, COMP XLF, VIX, EURUSD, NG and GC over the weekend and will be posting these throughout the day. If you haven’t yet signed up for automatic notifications and/or twitter alerts, this would be a good time to do so.
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