{+++} It was a day filled with pain and angst. Gold and utilities were the only sectors that I could find that were green. I did a public post earlier addressing some things, here it is if you missed it.
For the day the SPX/DOW were -1.30%, and the NDX/NAZ were -1.50%. Bonds gained 20 ticks, Crude added 25 cents, Gold rose $5, and the USD was flat.
The next few days will be significant with regard to direction. Personally I think this will all blow over, but when you are at a market top like we were, and China and Russia “happens” , its easy to understand why bids evaporate. A positive take away is that it seems that there has been more of a lack of buyers defending bids, than aggressive high volume selling. A buyers strike so to speak.
My new SPX support level is 1841. Watch the 1827-1828 level as that is a HUGE level .
This is a big weekend coming up in Russia and the market may still want to raise cash tomorrow, so lets let it breath and revisit some new ideas early next week. I will see you in the morning.
We should have some easy pickings on the way up once thing finds a bottom.
Have a good night.