We continue to believe that the S&P 500 Index will undercut the June price low. We think investors should be careful here and not try to find a bottom just yet.
Our research points to new lows, with support coming in around 3600. That could allow for a pause or potential pop, but the market likely will head even lower.
We have a further down Money Flow Unit (MFU) price target at 3029. That said, we will continue to watch our indicators and the market’s price movement at each support level.
The author or his firm have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.