Like a summer thunderstorm, the rain drenches the stock market bulls, with a hard down day that closes at the lows for the day. If there is a significant gap down on tomorrow's open, it is worth a look on the long side. Better yet might be the three down days in a row, that total about 5%.
Support for SPY at 87.5, then 82.5, then 80 and 75. Like I've been writing, I think SPY 75 will contain any downside for the remainder of the calendar year.
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