Excerpt from today's newsletter:
SPY reversed in front of 88 (and 50dma) and now is very close to breaking down through the up-trend line (around 82) with further support at 80. Note volume on today's reversal. Tomorrow is very important; if the bears gain momentum here (likely scenario) we could cascade down easily for another 10-15%. If the bulls want to stay in the game then they have to make a Herculean effort to keep the support lines intact and undo some of today's damage (unlikely scenario).
