i will update the index charts, including the downside targets either later today or tomorrow. as i’ve been stating, i believe that there’s a good chance that we have put in a lasting top and if so, are only in the very early stages of a significant move lower. however, we still need to break those yellow horizontal support levels on the recently posted QQQ & SPY 60 minute charts (132.84ish on the SPY, 61.67 on the Q’s) to help solidify that case.
for now, i remain with a bearish bias employing a swing trading strategy on the short-side (larger targets & wider stops) while being more select and preferring earlier targets on long-side trades. remember, if the pattern for the past few months continues, and assuming that i am correct in thinking that the recent rip that being on 7/25 has now ended, then the market should drop as fast or faster than it has moved up on each of the previous 5 rips.