Predict a good down day today as it has been falsely propped up for two days now
Nothing goes down or up in a straight line. We were due for a temporary relief rally. I wouldn't be surprised to see the Bulls give it maximum effort for the next couple of weeks to convince themselves that we've hit the bottom.
But mid next month, Q2 earnings come out. That might be the next shoe to drop. Earning will likely be painful. With the E in the the P\E ratio cratering, the ratios that were already insane and reckless in the boom time, will begin to look obviously unsustainable. Then P needs to crash to get the ratio to some realistic value that anyone will be willing to buy.
I expect another 0.75 at the FMOC meeting end of July.