One Step Forward, Two Steps Back
It feels like 2009 again, except markets are still above 200-day MAs, and less than 10% from its highs (bar Small Caps). After the relative mediocrity of summer trading, things look to have been flipped on their head. Except, that things haven't really changed. The S&P hasn't yet tested the August swing low, and will soon have the 200-day MA to offer support. It has only dipped into oversold territory, which suggests a good chance for further losses. With wide range days it's hard to pick entry/exit points, although I would favor a series of inside days from here: a coil would set up a swing trade on a break, but it may take a few days to form.