$SPX dumped 4.5% yesterday — massive. I've been calling a 20%+ correction for months, and now I'm open to the idea that October was the top. Could be looking at a 12+ month bear if that's the case.
But I don't trade macro narratives. I trade levels. Here's what matters right now:
$7628 broke — that's weakness. We're in neutral/bearish territory between $7232 and $7628. $7350 is the support we're bouncing from right now. Could run back to $7628, but unless we reclaim it, I'm leaning lower eventually.
Every level on the way down is a potential bounce setup for day/swing trades. Worst case? A pierce of $6350. Base case on a full bear? $6800.
$NQ bounced hard off $26400 — I took a day trade long there. Now testing $27200. Likely we get a strong bounce here, maybe to $28200 or even $29000. But I think more downside is coming in the next few months.
Worst case: $22250 (30% drop). Base case: $24000.
I don't trade 6-month forecasts. The longer the timeframe, the less certain it gets. These are levels to watch, not financial advice. Trade your own plan.
But I don't trade macro narratives. I trade levels. Here's what matters right now:
$7628 broke — that's weakness. We're in neutral/bearish territory between $7232 and $7628. $7350 is the support we're bouncing from right now. Could run back to $7628, but unless we reclaim it, I'm leaning lower eventually.
Every level on the way down is a potential bounce setup for day/swing trades. Worst case? A pierce of $6350. Base case on a full bear? $6800.
$NQ bounced hard off $26400 — I took a day trade long there. Now testing $27200. Likely we get a strong bounce here, maybe to $28200 or even $29000. But I think more downside is coming in the next few months.
Worst case: $22250 (30% drop). Base case: $24000.
I don't trade 6-month forecasts. The longer the timeframe, the less certain it gets. These are levels to watch, not financial advice. Trade your own plan.
