That funny burning smell today was from Longs getting fried.
If you had any doubt before, we’re very much in correction mode.
We’d be liars if we told you we knew where it stops.
Next technical support level for the S&P 500 is the 40-week exponential moving average – or roughly the 1,000 zone.
But the market doesn’t really care about tech levels. A violent turnaround could happen any day…
We’re looking for sell-volume to dry up on down days to give us a hint of when that might happen, if at all.