Marc Faber of the Gloom Boom & Doom report expects the S&P 500 to fall by 20%. So prepare yourselves.
But during the interviews, DeMark mentioned that the S&P 500 cash index ($SPX) didn't generate a "13" top indication yet like the Nasdaq, Russell, and S&P futures did in September and October. So in the near-term (possibly using the election as a catalyst), he thinks there's a chance the S&P 500 cash index, and only that index, could rally to new highs and exhaust between 1478.33-1485.33. DeMark said the same thing happened in August-September 2011 when the S&P lagged the other indices when exhausting to the downside. Very interesting, we'll see. His immediate-term call is also being supported by the uptrend line from the October 2011 low (see the chart). So that could explain the recent bounce. The S&P closed at 1414.20 today after testing the 50dma at 1434.28.