The technical damage of the last week has been severe.
The S&P 500 broke below critical support at 4,705 with heavy selling this week. That’s bad news. Even worse, the market has failed to reclaim that level during yesterday’s bounce.
This means that what used to be support is now resistance. The fact the bulls couldn’t reclaim this level means we are going lower.
How much lower?
Breadth is telling us to expect 4,600.
High yield credit says it will be even lower at 4,500.
The signs are clear… another bloodbath is just around the corner.
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Within its 21 pages we outline which investments will perform best during a market meltdown as well as how to take out “Crash insurance” on your portfolio (these instruments returned TRIPLE digit gains during 2008).
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