Option Investor
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The sharp decline from yesterday's high strongly suggests we'll see a continuation lower, whether directly from here or after a higher bounce to correct the decline. The SPX 10-min chart shows the Fib 38%-62% retracement zone of about 845-852 if the bounce makes it a little higher. We could instead see a drop down to test Tuesday's low near 827 before starting a bigger bounce so I would not be looking to play the long side of this market. Instead look at the bounces as opportunities to test the short side.

SPX 10-min chart:
[Image 1]

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