Technical Unravel

posted Oct 15, 2014, 9:42 AM by Katie Shook
Let’s not mince words here:  it’s looking bad.

Yesterday sellers came into the market late in the day again.  Overnight futures are down another 1.5% or so.  It’s time to start talking about “correction” here.  For the SPX, that means roughly 1819.  Based on the futures, we’re looking to test the 1850-55 range today.

No way to sugar coat this one;  we just don’t have traction right now.

Look for the big numbers right now — 1850/1825/1800.  We’ll see how the rest of the week shapes up before we start talking about 1700′s.  So far, the markets aren't liking the idea that QE is on its way out (though realistically there are so many ‘uncertainties’ out there it’s difficult to peg any one indicator).

Daily Digits

Daily Digits 10-15-14

Weekly Estimated Range

Weeklies 10-15-14

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