"Famous last words..." I posted yesterday... should have trusted my spidy sense. The early damage is leveling off at the important SPY $138 level, though we did probe down towards the rising 50-day moving average.
With oil pulling back, maybe we will reprobe that low then see a small recovery. The thing is, with volume so light and buyers on strike ahead of the long weekend, it's anyone's guess. Worst case I'd continue to look to that 50-day around $137 to contain any further downside; we are already short-term oversold.
Post from 2005: Mortgage Debt and the "Recovery"
4 hours ago