US equities open sharply lower.. but well above the levels that the futures/index ETFs were suggesting (SPY was offering sp -52pts @ 1869). VIX opens higher, but the opening hourly black-fail candle is a major problem for the equity bears.
*awaiting consumer sent', business invent'
A VERY long day ahead.
First... I'm not expecting a crash today, but unless there is some miracle recovery across today... the equity bulls are in dire trouble of a Tuesday drop to sp'1750/25 zone - where there are multiple aspects of support.
Across many charts, the 1750/25 zone would make for an initial floor... the following is one to be aware of...
I would refer anyone to the Jan'2008 candle, and what is currently happening in Jan' 2016. The 60 EMA in the 1730s would be a valid target.. and is also a key fib' level.
What am I doing?
Well, I sure ain't 'buying the dip'.... as that seems utter madness.. I'd only be tempted in the 1750/25 zone.
With a 3 day weekend ahead, I'm not in the mood to chase lower at these levels.
Its frustrating... but it could be worse.. I could be heavy long on margin.
time for some sun... back soon