The path will matter.
SPX can take the pain path upward - Possible.
SPX can take the breather path down to 2040 before a sharp rebound.
I would have thought that there had been enough pain as it is but this is really the "smart money contrarian" path as everyone speaking on cnbc calls for a correction.
Key metric: monitor the dax, if above 10,750, the upward path on the SP500 becomes more likely.
Time metric: I will watch the close tomorrow.
In any case, we are proabably speaking of another 2% higher, max 4% if things become ballistic on sp500 which i doubt.
SPX can take the pain path upward - Possible.
SPX can take the breather path down to 2040 before a sharp rebound.
I would have thought that there had been enough pain as it is but this is really the "smart money contrarian" path as everyone speaking on cnbc calls for a correction.
Key metric: monitor the dax, if above 10,750, the upward path on the SP500 becomes more likely.
Time metric: I will watch the close tomorrow.
In any case, we are proabably speaking of another 2% higher, max 4% if things become ballistic on sp500 which i doubt.
