We maintain our view there is a high probability the 2018 S&P500 intraday low at 2532.69 will be tested, which is 5.87 percent below today’s close.
The next levels to watch are closes below 2641.24 and 2581.0, the recent and 2018 closing lows.
It’s not going to happen in a straight line, folks, but more zig-zaggy, especially given the low holiday liquidity. We could get there as the market loses all hope only to have Santa save the day. Stress test your market views.