It appears a countertrend correction is complete at today's low, look for new all-time highs in this index.
pechi123
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In all probability the overnight low in SPX futures is done, if violated then a slight new low before it turns back up.
pechi123
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Another opportunity to go long. The speculation that the market will have a big breakdown is a very overcrowded trade as documented by put/call ratio and especially the SKEW. The VIX has been trending down though it's up today, I expect the downward VIX trend to continue after this news related sell off in the stock indices. When the bull market tops it's likely to go out with an elongated buying frenzy, with a long divergence in the VIX, that has yet to happen. Trading against the trend is a losing game.
What the collapse of the Afghan government might mean for the U.S. stock market
@pechi123 Advance/decline telling another story. SPY is rallying above the bull channel per the May 7 and July 14 highs. It will probably start to reverse back down within about 5 days. Most breakouts above bull channels fail before getting very far.