The SPY is now at the bottom of the support zone but as we’re most likely in the early stages of where the selling really starts to accelerate, I don’t expect much, if any of a reaction here. Maybe the markets manage to close at or even slightly above this level, maybe not. Either way, my expectation is for a rapid decent to at least the next target (T2) which comes in around the 153.60-70ish level. At this time, T3 around 147.50, remains my preferred initial target but that may be extended based on the price action into early next week.
