In the VERY short term I am looking at SPY hitting 88 some time on Monday. 88 will be very strong support as it was resistance for the double top in jan/feb. After that I expect a bounce up to maybe 89 followed by an 87 target in the short term. In other words I expect it to be fairly choppy for awhile as we drift lower.
The moves on the VIX:SPX have been sharp and violent. I expect us to slow down a bit perhaps move down or sideways before we make the next run up.
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