I've taken the liberty to draw a proprietary Key Parallel Trend Line across the Daily S+P 500 Chart, (Shown Here)
That "bounce line" cutting across the middle of the chart represents in my opinion perhaps the most key support line to hold price above at this time. TRANSLATION= MAJOR SUPPORT
That Support Line currently comes in on the Daily Chart between 2937.50 - 2940.00
If this weeks sudden,and already violent volatility driven decline needs to stop somewhere, it's there,... and right now.
Also noteworthy for anyone paying attention, the tradingview.com S=P 500 Trend Model, just gave a Sell Signal this week on the clock, the first time I can recall it doing that, in recent market history,
ViX breakout suggests a realm of market direction possibilities.
One must be ready for anything the market throws at you.
As always, thank you for your wise analysis.
I will be watching to see how it pans out. :)
supere
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The shortest term scenario i see playing out is a quick rise above 2750 on Monday to fill the gap (and trap more bulls), then possibly the biggest decline yet between Monday and Wednesday.
supere
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My friend, thank you. Exact targets are always extremely difficult to predict. However, based on the speed and strength of this decline and the powerful vix thrust behind it, my best guess is the spx is headed to 2750 before any significant rally. I estimate this short-term bottom to arrive next Wednesday or Thursday; and the ultimate bottom (within 3 months) could be beyond the imagination of most. Best wishes!