Futures have gotten below the level that I thought would support the cash S&P on Friday. That level was 1458-1460. There is now, due to Friday's action, a new Fibonacci 1:1 extension target at 1442.54. However, it is quite possible that the market is tracing out yet another triangle. If so, a shorter 61.8% extension could come into play at 1451.91, coinciding with the lower trend line of the triangle.
Only the cash market will decide this in the regular session. I am still a buyer (and this is against puts bought on 9/13), but I still do not want to see the market below 1439.15 as a buyer.
Last night at midnight I may have finally finished the September Vogue post. Some polishing and some proofing awaits, but it should be ready to post in the next day or two. It's about time.
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