Hi everyone. Here’s a quick update from my previous post.
I was very surprised that the market sold off into the close on Friday because I was expecting the opposite after so much selling pressure during the week. Despite the selling pressure on Friday, I still think we will rebound ~15-20% beginning this coming week.
Recovery targets slightly lowered from last post (3-4 week timeframe):
SPY 255, DIA 215, QQQ 190 (targets were ~5% higher before)
Dow Jones Futures (monthly chart) below. Notice that we are nearing the 16000-18000 support zone. I suspect we will get a strong bounce from there.