The technical damage done this week was substantial, but as I mentioned last night on Kudlow, we are near support.
I’ll expand upon this later, but I can envision a bounce off of these
lows, a reflex rally that runs on decreasing breadth and volume for a
few days to a week or so, then a retest — and failure — to new lows
That gets us oversold enough for a stronger bounce for a month or so (July? August?) and then the denouement into September and October.
This is just a guess, and I’ll try to get more details and intelligent projections later this week, but that’s my expectations.
Your mileage may vary . . .