The S&P has more downside to go. This pullback has many traders trapped. 3 months of gains have been wiped out in 2 weeks. The gap at 1069 was filled last Friday, and the next open gaps below are at 1047 and 1042. February's monthly S1 pivot is at 1045 and 1095-1100 is now resistance. We haven't had a 10% correction since we hit bottom last March. That could bring the S&P to 1035. Stochastics are very oversold, which means we could get a bounce this coming week. Be careful, this falling knife is very sharp!
