SPX closed fractionally above the 11/23 low close of the current sell off. Breadth was -67%. New highs were 40. New lows dropped down to 248. That is an interesting divergence. Volume was considerably less then yesterday. A retest of the retest.
The futures held just above yesterday's low. Will all these lows hold or be broken?
The red count jumped up to oversold levels.
Here is a look at the SPY option data.
There is some support at 265. Much stronger support at 260. The 255 level shows very modest support. The only strike with call resistance nearby is 275.
Here we are at the lows again. What happens now? I wish I knew. SPX got within 2 points of yesterday's low. There were enough buyers to keep it from breaking down. That keeps the door open for a rebound, but will the bulls step through that door. I guess we will find out on Monday.
Have a great weekend. Remember the reason for the season!
Bob
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