The chart below shows some important price points. If you are a long term investor I believe you will get a touch of the 2016 trendline sometime over the next 2-4 months. That would be a good spot to put some cash to work. Because unfortunately, I know most people missed the rally over the past 6 weeks.
If – and this is a big IF – you get a touch of the trendline from the 2009 lows over the next 6-8 months, you buy that dip; however if it closes below that GTFO of the way. I honestly don’t see it getting down to that trendline for a very, very long time. You have many begging for 216 now much less the 12% drop to 200.
I personally see the market pulling into the 220 area for a buy above the past resistance and if it gets to the 216-218 I believe that is your next major buy point.