Hi folks and welcome to another exciting week in the market. I wont have video out tonight, but I will be doing more video during the week in 2016. I have a glitch in the video that unfortunately I wont be able to get fixed until tomorrow.
Right now two things are probably going to happen this week.
#1– We could have one last strong selloff that will take out lows. I wanted to show you the three support levels in the chart below, all highlighted by the red horizontal lines and green arrows.
The August and September lows come in around 1870, the October lows around 1820 and the January lows come in around 1740 and that would be worst case.
#2 We just consolidate a bit and then start a counter trend rally higher. This is probably less of a likelihood because all of the index charts and stocks of individual names are so broken here.
Right now futures are down about 3/4%
I will see you in the chatroom in the morning. Hope you all had a great weekend and got some rest. Big week ahead.
Joe