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Sitting on the Edge of the Precipice (by Closing Basis)

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Cast your eyes upon these charts showing triple EMA crossovers (5, 10, and 20) of the VIX when below 18 and try not to get joyfully misty-eyed.  Looking back to 2003, it has been fairly consistent, but should be confirmed by a support break on the index.

5% down is 1349
10% down is 1278

Interestingly enough, a few places in that range show a good possibility of putting in a floor.  Looking back, I see a lot of corrections cap out around 7-8%.  I think we've got very decent chances of seeing 1340 SPX.  If that fails, then 1300.

IF we can break 1370, that is…