Lower, Still
This morning, live, I gave the targets lower for the day and said we had lower to go.
Clients were given the following for Friday:
ES 6700
SPY 668
QQQ 605
IWM 235
My premise:
Growth scare was in play as my Growth/Value ratio broke 2.3
VIX 17.50 bounce was working nicely higher where I warned to press market shorts once above 19.29
Selling picked up strongly just as I closed my trading room - will update tomorrow morning.
Warned GLD & SLV would have a hard time breaking out higher as VIX rises.
I also gave SPX 6730 for today as 6807 broke. We hit 6725.
Yup, that happened and I don’t think it’s done even once we tag the above Friday levels.