Stock Market has yet to see anyone even remotely try and buy the dip
There isn’t insane volume sweeping the market today, like what we saw back in February, but the extent of this sell-off is quite extreme, especially for one day. There is plenty of news headlines hitting the market hard today, which is no doubt causing problems. But overall, the fear associated with this sell-off is nothing like what we saw just two months ago.
With that, SPX is targeting a close, currently below the February Lows
But the biggest news, from a technical standpoint lies with the 200-day moving average being broken on SPX. Every time previously, we have bounced hard off of this intraday level, but not today. Instead SPX sliced right through it when it was tested.
I’ve posted my long setups below. Some of them are hurting right now, but should this market turn things around, there is an opportunity for them.
As it stands now, I’m not adding any trades to the portfolio. Right now it amounts to catching that falling knife, and there is no reason to even try at this point.
Here’s the watch-list: