After today's big sell-off the big question is... are we there yet? Has the market bottomed? Are we ready to move back to new record highs? Here are a few charts.
The market has been pulling back and we are nearing support. $IWM today found it at $120 and like $QQQ earlier this year at $100, $IWM $120 was defended.
$SPY is nearing trendline support, and should see a short term bounce near term. $DIA and $QQQ are in a similar boat.
We know this market can turn on a dime and what looks like a dramatic pull back is nothing more than another great buying opportunity. Judging from the action on the VIX today, I think this is another buy-able pull back. I'll let you know what I am doing in the chat room/twitter tomorrow. Have a good night: