In an interview with Bloomberg, Tom DeMark says he expects the find a bottom to the S&P 500 at 1,797 for the index. This dive lower can happen in the “next 2 or 3 days” he says, whereupon a market bottom will be established.
“For the S&P and the Dow, we are going to undercut, in our feeling, the low we made in January as well as the low we made.”
“But we do have one caveat here. In hectic market, in a market that is going to possibly be attacked with negative news, we could go as low as 1,746 on the [S&P 500] intraday, but still struggle and come back above 1,792 and make a low.”
DeMark added that he thinks bond prices will achieve a peak over the same time period, oil could bottom on Friday or Monday, and that he has no idea what gold will do.