To be honest, i don't think i've ever in my lifetime seen the SPX lose 350+ pts in a given week - and the week still has one session left! As of this post, the futures are down (yet again), -14 pts. But have hope, it's early in the morning and we have time before the market opens, and perhaps by then we'll get some better news (nope) and buyers and bargain hunters may muster up some courage to get in and play a few hands.
As long as the VI indicator is heading north and the RSI remains south, we have to assume that there won't be change in direction of the market in the near future. We may start to get some buyers coming in at support levels, but thus far no such fight has been staged as SPX slashes through whatever support levels that gets in its way.
How low can it go? Oh, we've seen this week that it can go very low and very quickly. Anyone who says we've hit the bottom is selling you bridges on the side.
As long as the VI indicator is heading north and the RSI remains south, we have to assume that there won't be change in direction of the market in the near future. We may start to get some buyers coming in at support levels, but thus far no such fight has been staged as SPX slashes through whatever support levels that gets in its way.
How low can it go? Oh, we've seen this week that it can go very low and very quickly. Anyone who says we've hit the bottom is selling you bridges on the side.