Levels After Overnight Selloff

We’re seeing a 1% decline in S&P futures after an overnight selloff in Asia. Nasdaq is down 1.6%, Dow Jones down 0.6%.

Names like Tokyo Electron and SK Hynix lost about 6% overnight and that’s spilling over into U.S. markets.

I’m not predicting that the indexes will fall to these levels, but if they do, I’d be a buyer:

S&P 500: 7631

Nasdaq 100: 28,750 to 29,050

Dow Jones: 51,850

Charts and further details upcoming in this morning’s article.

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Posted by Ed Ponsi

Ed Ponsi is the managing director of Barchetta Capital Management, an NFA-registered commodity trading advisory, and is also the president of FXEducator. An experienced professional trader, Ponsi has advised a variety of hedge funds and institutional traders. He is a regular contributor to TheStreet Pro and covers a wide range of topics like market sectors and commodities. A self-defined trend follower, Ponsi makes investment decisions based on price and volume. Ponsi has made over 100 appearances on CNBC, CNN, FBN, BBC, and Bloomberg TV. He has been profiled in magazines such as "Technical Analysis of Stocks and Commodities" and "The Traders Journal." He is the author of several books including "Forex Patterns and Probabilities,” a top-selling book on currency trading that has been translated for release in China; and "The Ed Ponsi Forex Playbook,” which was endorsed by Steve Hanke, professor of applied economics at The Johns Hopkins University. Fun fact about Ponsi: Prior to his career in finance, he used to be a professional musician (lead guitarist!).

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