Since everyone is super bearish. Here is the daily $ES and a weekly ES/Daily ES flex grid.
There is
MAJOR support at 3650. If we get to the red line (89 EMA), I will sell half my short position. Quite possible that we bounce from here too. Something big has to happen for SPX to go under 3500.
On a weekly basis, we went from +2 ATR to +1 ATR. On a daily basis, we went from +2 ATR to -1 ATR (this is a big move). I will be very surprised if we go much below 3500 (or 3590) without a major catalyst, and I would be surprised if we stay there. Do not be surprised to see a gap up tomorrow morning and the beginning of a run to 3950. It could just as easily sell off another 2%.
- 3282 is a 15% correction
- 3475 is a 10% correction
- 3670 is a 5% correction
A 5-10% correction is the most likely, IF this is the time.
Nobody knows what's going to happen, no sense stressing over it. It will be what it is. I'm going to take a nap now.