The S&P 500 lost almost 32 points breaking down its 200-day price moving average. As mentioned yesterday, even with a bullish bias I already expected this pull back. However a 2.47%-drop wasn’t in my anticipation. Bears were the only players today after 2pm.
For tomorrow’s outlook, because how the markets closed today (trending down), I’m expecting more down ahead. I, however, expect a rebound which happens right after tomorrow pulling back. I’m more cautious with my bull call now. If the S&P 500 dropped below 1,242 heading to close, I would close all my long positions.