S&P Has Its Worst Day on the Year; Teeters on Bear-Market Territory

The bulls cough up their chance as we now probe the lows.

Technical Edge — 

• NYSE Breadth: 93% Downside Volume (!!)

• NASDAQ Breadth: 80% Downside Volume

• VIX: ~$32

The tough tape continues as the VIX rips and equities plunge. The S&P futures missed the 2022 low (3855) by a point in the Globex session. 

That is the line in the sand today. 

The S&P 500 achieved its pattern of retesting the 50% retracement. Now it’s back on the decline. There are some positives showing up, but not enough to feel all that great. This is a “stay on your toes” market right now. 

Game Plan — S&P (ES and SPY), Nasdaq (NQ and QQQ), Bonds, Individual Stocks

S&P 500 — ES

**On the video, coming soon!**

On the downside, 3855 is the line in the sand. Outside of breaking this mark and reversing, be careful with the ES below this mark. 

On the upside, yesterday’s low at 3905 is key. Above that opens the door to the Globex high at 3933. Followed by 3975 — the 50% retrace from Wednesday’s high to the Globex low. 

SPY

**On the video, coming soon!**