As I said on the weekend update, the balance of evidence favored an intermediate term low had been made. However, that was NOT enough to trade off of given the overriding significance of context. The context could have, and could still, completely blow out any chart pattern, option analytics, or technical strategy. The news Tuesday was a coin flip that could easily have gone the other way. Anyone long in that environment is now confusing blind luck with intelligence. 

I think the market may still well have a good 2026. Many of the major stocks have seen significant corrections in price and time. There will be plenty of time to climb aboard after this all settles down, as we all hope it will. I have been patient till now, and certainly I am not changing that view on the potentially fragile information we have so far. 

My target for the SPX is 6527 as attached chart. If we get there I would expect a pullback, and that will be a better opportunity to buy. Certainly NOT chasing the news.  

Thanks,

Joe