Just to state the obvious of what we are seeing technically on the S&P. For the first time in this sell off we are finally seeing the market trade in a definable pattern. What we are seeing is a bear flag being formed. This hints at further downside ahead of us as we will get a break lower that will take us past August lows.
I believe we will see a break lower at the beginning of next week. Even though the support level held on Friday it has been tested to quickly this time around. Usually the first test of support will create a nice bounce but if a second test follows shortly after it will quickly break though. We also received a break back below the 20 day moving average as it failed to hold even slightly.
Be prepared for more downside…
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