I could see the re-test as well.
But to give an opposing view...We are meandering in the 7% down range...kind of an odd point. But historically the 1987ish area was a ceiling (July, 14) and then a good floor (October, 14 - January, 15). If the markets find footing here we are in a good spot to move back to bullish territory quickly.
One thing I have seen since this rebound started is that the futures markets have been reflective of over-seas action. If you look at Europes futures they have been reflective of Asain markets and then our futures are reflective of European markets. Then what happens in the trading day is almost exclusively based on news. Makes it really hard, as always, to make market plays. I am 50/50 C/S and riding it...even though I am strongly tempted to bail (I am mostly staying in because I want to be in C and S at the start of September).
Good luck and Happy Friday!!!!!
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