Interesting times...
Pac Man has struck and cleared the stack of gaps above the 200 day MA.
He has even nibbled a gap targets below.
NYMO is in the oversold zone and price is testing the 200 day MA.
There is always a NYMO low in the oversold zone and a price rally that is meaningful.
So, it is time to look for a low.
The question is whether today is the low or does it plunge deeper tomorrow. I don't know.
Any local low may not be the final low.
The next low could come with a positive NYMO divergence.
It is important to note that there is an old NYMO benchmark at SPX 3004.78 that is unfinished business.
It is important to note that crashes can come in spite of oversold conditions.
So, the next few days are critical. Selling has actually been pretty orderly.
Next week could see panic if it continues.
Teh market generally doesn't like to make a low on a Friday.
Watch $/Yen. It is back to its consolidation zone.
Hopefully it holds there.
It looks like the margin clerks have started making calls.
I am short small in a day trade.
My poor swing trade got left at the alter Sunday night.