The last three Tuesdays have each experienced significant declines and each saw the dips bought. There is definitely no guarantee that will happen this week. Betting on a three-peat could be a risky proposition.
Today the S&P futures are fractionally positive but the Chinese markets are worsening as the night progresses.
The S&P failed at resistance on Friday and Monday with a lower high on Monday. Today's decline was sharp but I am not sure it was sharp enough to fully compensate for the three weeks of gains.
I did recommend in my commentary tonight to buy a dip to known support levels but I cautioned about buying a positive market at the open. I would not be surprised to see a positive open that turns negative.
We should only launch new plays when we have a reasonable chance of success. For that reason I am not recommending any new plays tonight.
NEW BULLISH Plays
No New Bullish Plays
NEW BEARISH Plays
No New Bearish Plays