Futures made a new low last night. Currently in the pre-market, they have bounced back inside yesterday's range. But I feel the new overnight low raises the odds that we've not seen the low yet in the cash S&P. That said, I'd rather see the market bounce hard today.
Any new low today will likely be a low that tests or exceeds 1101.54, the August 9th low. There is mega volume there. Chances are quite low there will be enough sellers -- today -- to hold price below 1101.54 for long.
With Europe down hard again, any turn (if at all) might likely be put off until after 11:30 EST, maybe. Or Monday. Or maybe we get a total washout too -- another reason why I'm gingerly playing this with calls against my short inventory.
My eventual targets for this entire move are much lower from here. But the market doesn't move in a straight line. Given the range we've traded thus far, a bounce could be a significant one.
A yesterday's levels, 1155 could be the first target. With a new low today, the target would shift slightly lower.
I still want a piece of it.
By the way, Happy Autumn Equinox. It was at 4:05 am EST this morning. Light a bonfire.
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