If the markets are in a corrective phase CMG could easily drop 100+ points... Gap fill at 442.47 or ~ 150 points from todays close... Longs should be concerned as today's close was quite bearish...
I have a short bias but must concede that no one knows if when or how this market will correct. I've traded long enough to know that much.
The Bo Polny prediction seems outlandish but every once in a post quadruple blood moon occurrence the metals rear their ugly bullish head and when they do watch for something that resembles a rocket launch. By all appearances precious metals are now pegged and holding for the countdown.
This was exactly the type of close I referred to this morning where equities started the day in the green eventually turning red and closing at the lows. A bulls nightmare going into the weekend... Monday and Tuesday could be the bloodbath the markets have been waiting for - but you just never know.
DIA bounced off of a long term uptrend line that began ~ March 2009. This bullish trend is still in tact however a close below ~ 171 will violate it while breaking the 200 day ema. ~ 171 is likely a critical price level in the near and long term.
A close near/at the lows will not bode well for bulls going into Friday and Monday of next week. The markets are extremely vulnerable to rapid declines near term. Watch the VIX for peak levels.
VIX indicates rising fear but nowhere near peak levels... If the markets begin today's session in the green and turn red by days end I would expect a black (blood in the streets) Monday and/or Tuesday. VIX is helpful in identifying the flushing out of sellers.
agreed, but nothing makes much sense anymore, market could easily do the opposite.
Important support zones are confirmed broken and since the rally from ~ August 2015 has failed to make new highs all points to the possibility that US equities have a confirmed top. Continued selling pressure in the near term will almost certainly target the August 2015 lows.