I wrote here five days ago that the S&Ps were breaking down, and so they have.
Friday’s sleazy attempt by DaBoyz to game the opening with 35 points of volumeless, overnight wafting had help from 20-something, buy-the-dips bozos, but the strong opening did not budge my outlook.
Looking just ahead, because sellers crushed the 5965.25 target I’d proffered as a minimum downside objective, the E-Mini S&Ps (5979.75 at the moment) are likely to continue south to at least 5872.75. If this voodoo number — unknown outside of those who follow me — provides no bounce, long-term bulls will have one more good reason to worry.
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Thank you,
Rick Ackerman