Last night the ES charts was indicating that prices are looking to push lower and I tweeted it out saying that the risk of a downside still exists.
This morning prices made lower lows from Friday's low. The rest of the day pretty much went sideways and by 2:50 pm prices started to signal bullish. The rally was impressive by days close, however the hourly charts are still bearish, with prices just touching below the Mid-Nov. lows which is also the 75 day MA. This could be just back-testing with what looks like a 5 min. 3 wave corrective rally. Things can change, so I will have to see if there anything significant to tweet tonight while futures chug on.
The SPX has extended its price move lower negating the a=c relation, but it might just be a throw-under. The spike low though came as a support by the 50% retracement near 1993.40. The 2000 level is now a psychological support. Question now is if markets will push prices through this level and weaken markets into FED speak day. The other support to look for if price breaks down would be at 1964.60 which is the 61.8% ret. If you are still short and your indicators are still flashing a bearish sign then this is the level to watch.
SEN: Bearish
ST: DOWN
PA: DOWN
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