With an S&P 500 hitting the first target of 2500, further downside is set to pull in while some traders will start to view these levels as potential bottoms the ultimate number that is on the table is 2200 and if there is no clear indication of buying pressure coming in then we could see numbers below the 2000 mark drift in, pay attention to the Monday open as recently the CME announced its shutting down on Friday, don’t be surprised if the NYSE is next to announce this but only after the close on Friday setting in a levels of pain into the market
Mark Cuban said no one can see black swan events and algorithms cant detect it either, we are outlining here levels before they will be announced, S&P 500 next target is 2300 then 2200 and on a real risk to trade below 2000
Bitcoin was an asset perceived to do well in these types of events, wrong this asset is poised likely for the next target at 4000 and then 2500 after that, until this trades on a central bank balance sheet it will remain a more likely asset for the downside
So the decline in S&P500 means for trading is stocks under the index and indeed of other indexes may not have seen their full drop of course some stocks are weaker than others as Netlfix may do better as subscriptions run up or amazon may have capitalized on the recent drop in oil to build up inventory for its deliveries.
Take Boeing and Netflix for example, both with similar share price but not the same market impact
(this is not a trade example but rather an example to get you thinking on the right path to securing your portfolio)
Either way commodities are still to be monitored and should the flight to safety kick in silver still has a very worth noting level