First Look: 2022-08-29
While there was a gap down on the Sunday evening open, I have to say that S&P 500 futures have been surprisingly flat overnight. With no economic date today, I wonder if we get a bounce started at some point today. The question is do we get a new low on the day before a bounce? Probably best to assume lower while under 4033.75.
At this point I prefer to see the decline as an impulse forming down from the August 16th high. Under 3980.00 reduces the chances of an extended fifth and I need to take a more bearish alternate seriously which treats the high from last Friday as a second wave and now down in a third.