The S&P 500 had a decent recovery towards the end of the day on Friday, as we bottomed out on Thursday at the 61.8% Fibonacci retracement level. This is a good sign, and we may be starting to show signs of stability again. However, we should not get too complacent here, because there was a massive uptrend line that was broken. If we can break above the top of the range for the Friday session, we will probably go looking towards the 2850 handle. Otherwise, we will probably fall again and if we break below the lows on Thursday, and perhaps even more importantly the 2700 level, this market could unwind rather drastically. This could be the beginning of a very nasty drop lower if we do make a fresh new low.
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S&P 500 and NASDAQ 100 Forecast October 15, 2018