Traders are showing some fortitude and completely in my expectation, Fed Chair Powell holds the blink and raises the rates.
For the 4th morning in a row, a relief bounce showed its face and gave way to sellers.
Perhaps this decline will finally bring a bounce.
I had expected higher lows to hold but with the failure to hold 2544 this week (in the ES), we collapsed deep into monthly support once more before attempting a recovery.
Our intermediate bearish tone still suggests that bounces will fade at resistance (Lower lows and lower highs suggest bounces will fade). Â Wait for that to change to higher lows and higher highs…
The spread of motion in the S&P 500 is priced at 35 points around the strike 2505 for the option expiring today. Edges today will be very interesting.
Stock Market Futures Video Update – December 20, 2018
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The author trades stock market futures every day and may have a position in mentioned securities 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.
