Low from Friday, may not hold today.
Dow already made a low today. QQQ far from it.
Large inside days setting up some indices, especially futures. Big breaks coming, ES1920- or ES2000+ in a week.
Before bears start rejoicing too much, the market is only at levels just above last week's lows (195.06).
Technically, if we do break below and close below 195.06, we will have a bearish weekly reversal (higher high, lower low). Should put a dent in the bullish chart.
The next big support is 193 on SPY.
Whether it goes there first or back to 196.50 (now resistance) is a toss-up.
We might see both next week.
This is the reason I buy before the real selling begins. VIX was low yesterday and prices were much higher when I bought my puts.
Now we need is a big red candle to push us to new lows.
Pretty nice trading day though. Big ranges.
Reminds me of 2010-2011.
If SPY closes below this for a few days, we will see sustained downward move.
Tomorrow is OPEX, they would like to close the week above 196.50. Let's see what news comes out of Europe.
Next week the selling will start. Zigzag to 190 in August.
VIX needs to hit at least 11.46 today.
This is just the gap close with all the hoard of dip buyers.
We will probably not get a big sell off today or tomorrow being OPEX week.