We warned you of the downside risk yesterday in stocks, and it would have been very wise to pay attention. The S&P tumbled yesterday, careening through the vacuum zone back to 4144 and bottoming out just above the level under that, 4122. They were swiftly bought back, however, but that would have been a lot of pain to hold through if you were impatient and FOMO'd in at highs. Currently, we are hovering between 4182 and 4188. It could go either way from here. If we reject current levels, we could see another wave of selling, testing lows. We could also see a lift back to highs at 4214. It seems likely for stocks to feel out this broad range before making new highs and hitting our next profit target of 4228.
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