SPX update

I last posted about the market here. After today's drop, it is harder to argue that the decline from 1313 is an ending diagonal. If the market doesn't turn up strongly soon, I think 1060-1135 will the the next stopping point.

Here is a list of support in this zone:
  • 1136: trend low
  • 1134: WaveC = WaveA
  • 1077: 61.8% fib of the rally from 768-->1576
  • 1073: Wave-c = Wave-a
  • 1061: Wave4 low

If the VIX spikes up to 45 or higher, I will try buying a put. What an interesting time to be watching the market!

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