The opening bell is just minutes away. Stocks are back in a free fall.
We remain on the cusp....
A breakdown below support will be an excellent signal to trade for more downside. Right now, it has not happened, and yesterdays move off support was a sight to behold.
Would the market not exact the most damage on all participants if it rallied off the lows this morning and closed flat or positive?
S&P500 futures are off 2.6% just before the opening bell.
I will be watching the key support levels again today.
$IWM needs that $100 level into the long weekend.
$SPY $190 , $QQQ $100
With the $SPY set to open some $5 lower, it will be a tall order to see the market rally as it did yesterday.
Key support breaks across the board will make the early 2016 sell-off look like just a tiny pull back compared to the potential collapse that would come in the weeks ahead.
Have a great trading session. See you in the chat room.