While prices perked up after the intra-day lows on Thursday, I still believe another leg lower will unfold. With the S&P 500 e-mini trading marginally lower this morning, the forecast below seems to remain valid. But we need to remain open minded and should know more as Friday takes shape.
It is worth noting, though, that wave 2 on the S&P 500 e-mini (ES) contract may have completed already. As well, the trend remains very firm overall – and trying to pick a top remains an expensive endeavor.
Trade safe and have a good weekend.
S&P 500 E-Mini (ES) Chart
Author is short July 195 SPY puts at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
