S&P 500 Futures Trading Outlook (2-3 days): BEARISH
Yesterday’s mild bounce back from early am lows failed to get above 2660, which would have made the picture more constructive. Today we try again…
Many are convinced that the bottom is in, yet again.
The early bounce in futures back up above 2650… but the key level lies a bit higher around 2660. This is the scene of the breakdown on Monday.
This is thought to be important structurally to this pullback and should offer some degree of resistance to this bounce.
Until we meaningfully breakout above 2660 (on futures), I am expecting movement back down to recent lows. And if we do move lower once more, we could see selling accelerate on a break of the 200 day moving average.
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Author has positions 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.
