SPX could correct all the way to the 3,683 level, which is the 100-day moving average on the daily chart. 200-day MA would be the 3,466 level, but I don't think there's that much air in the market.
The last 3/4 times the SPX has hit the 100-day MA on the daily chart it has bounced back. Seems the probability is higher than it falling below.
P.S. you can protect the downside of the S&P by using SPXS, which is triple leveraged to the downside of the S&P. So if you see the SPX begin to freefall again on bad news or the 10-year treasury yield surging higher again, it might be worth a trade.
This is not investment advice, always do your homework, and gauge your risk properly. Be careful out there traders, cheers!
Here is a chart of SPXS compared to the SPX on a 15m chart.
The last 3/4 times the SPX has hit the 100-day MA on the daily chart it has bounced back. Seems the probability is higher than it falling below.
P.S. you can protect the downside of the S&P by using SPXS, which is triple leveraged to the downside of the S&P. So if you see the SPX begin to freefall again on bad news or the 10-year treasury yield surging higher again, it might be worth a trade.
This is not investment advice, always do your homework, and gauge your risk properly. Be careful out there traders, cheers!
Here is a chart of SPXS compared to the SPX on a 15m chart.
