Today, we're down. This could get ugly. It could, I stress, COULD set up a better low. The key will be whether or not yesterday's lows hold. I'm very concerned by the complacency in AAII and II. Dip buying is fuel for a decline. If we are to make a good low, we need to see some real fear in at least some of the sentiment data. I'd say that the prior lows are very much in play, and then around 148500 on the futures. Note, I'm not calling for a Bear market, here. We're just in a normal correction. A normal, painful, scary correction. If we get the fear, we need to be prepared mentally to start buying. Near term, however, look lower.
I'm running out of targets...
Maybe ES 144900? 144200?
Mark
