In today’s briefing:
- SPX 3,500 Is Where We Transition
SPX 3,500 Is Where We Transition
- SPX bearish to 3,500/30 below 3,650 with sell resistance at 3,650 (bounce bet failed at 3,740). Early October low followed by a short squeeze.
- Meeting/Exceeding key downside targets in oversold (RSI’s due to bottom soon) Asia and Europe into an exhaustive down leg.
- October transition: We favor overlapping our long basket into early to mid-October new lows. NKY, ASX, RTY layered longs and USD sell is on deck (USD front run).
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