I am looking at the market, especially at the SPX. In my opinion it’s repeating the same pattern from February 2018, if it’s true we won’t see an uptrend until middle of December. I don’t think it will go down to support of 2575, unfortunately I don’t have the crystal ball to foresee the future. I can tell you for sure we will see movement one way or the other.
NDX has a strong support level at 6600, and if you go back in history, you will see that it usually bounces back up within a month or two off of the previous low support.
Stocks are showing new lows. I won’t be surprised if I see AAPL at 160, GOOGL at 1000, AMZN at 1400, FB at 100.
But the good news is that market always wants to go up, so this correction will turn into a nice uptrend once situation on the market and in stocks changes.