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>>> The call for this week <<<
By: Jeffrey Saut | October 22, 2018

We were certain about the January peak and subsequent decline into the February 9 undercut low that we were sure was the bottom. We were also certain about the short-term sell signal of October 2, 2018 and clearly thought the oversold low of ~2710 on October 11, 2018 was the low, but now we are not so certain. As stated:

“Quite frankly, our instincts told us the equity markets bottomed on a trading basis on October 11, 2018 at ~2710, but last Thursday surprised us as the SPX lost a large 62 points from Wednesday’s intraday high into Thursday’s intraday low of ~2755. This has left the SPX vulnerable to further downside.”

We continue to like the action in the Healthcare sector. This morning the pre-opening futures are relatively flat (+4) as the Saudis say the Khashoggi killing was a huge mistake and the prince was not aware of it. For whatever reason, Friday was an inside day in the charts, which is rare on an option expiration, so traders will be sensitive to the SPX’s intraday high (2797.77) and low (2760.27) from Friday.

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