We may get a pop back up early next week, but the odds favor a lower low before this downturn runs its course. Support was broken this week at S1 and above S2. Price is below trendlines A and B. Trendline C held on Friday, but that may be violated by the end of next week.
We will continue with an open mind and bearish bias until the markets improve. We have added two hedges to our portfolios to reduce downside risk. Many charts look similar to mid-April/early-May 2012, which was not a good time to be long stocks.
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