There is an old curse, "may you live in interesting times." With overseas markets down 3% to 7%, and U. S. stock futures down about 4%, Tuesday looks to be an interesting day.
Support on SPY (2-year-chart) is about 123. Futures already are down to about 127. As I have always written, calling top or bottom is rarely a profitable game. Almost always there is a lower risk entry on a retest or pullback against the main trend.
Precious metals also getting hit with silver down about 3% overnight and gold down 2%. Margin calls may force some punters to liquidate their metals holdings.
Some have mentioned panic, but I have not seen much in the way of real panic as of yet. For the most part, declines have been orderly, and news is still able to drive stocks. Perhaps there will be some panic on Tuesday.
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