The chart is a daily cash S&P 500. We believe it shows that near term price levels of importance to the bulls have begun to be breached. It appears the next key level is the August 17 low 97851 basis the cash. Underneath that there will be the .500 Fibonacci at approx. 95440 and the .618 at approx. 93436.
There are some soothsayers saying that the end of the “BEAR MARKET RALLY” is upon us. We always urge market participants to be prepared for anything. We reiterate that to everyone now. Be prepared ahead of time for not just what can go wrong (stop protection for example) but also a plan and strategy to take advantage of the next opportunity whichever direction it may take.
Futures and options trading contain substantial risk of loss and may not be suitable for all investors.
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