Signals & Trading Plan for Wednesday 10/9/19

Market context
Our short-term message to you yesterday was that $SPX $NDX SPY QQQ TQQQ were going to drop down to key support zones first, before they can find enough buyers for the start of a Bounce.

And indeed they dropped.  And today's drop is unlikely to be fully done yet.  More about that below.

Our long-term message to you was this.  Beware of this Volatile Market turning into a major Down Trend. 

We showed you this chart a couple of weeks ago. This is $SPX hourly chart in late December 2015.  Note the candle pattern that formed at the arrow prior to the crash.

Below is the current $SPX hourly chart. Observe how the candle patterns are quite similar to what $SPX looks like in the above chart from 2015.

We are likely to see a short-term Bounce.  But what happens after that may not be so great for traders with a bullish bias, as well as the majority of long-term investors. 

The rest of this article covers:
Table of support and resistance levels
Updates from market internals
Planning your trades

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