Stocks on Track for More Losses

Things are playing out as expected, with ES coming within 5 points of our next downside target (the SMA200) overnight.

The chart receiving the most attention is the 10Y, which broke below 22.94 and is on its way to our 21.72 target.The one which should be receiving the most attention is SPX, which closed below its H&S Pattern neckline — adding credence to our lower targets.Though it seems like more, 2776 will represent a 5.5% drop since our short signal at 2940 on Apr 30 [see: FOMC – Endgame.] Things will get really exciting if/when SPX fails to bounce.

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