Late post today but I’m not feeling well.
There has been a strong daily intraday setup since Xmas Eve of an early push higher followed by weakness near the close and overnight. That early push up has been slow to get going this morning but if we are going to see any real retracement this week the odds strongly favor tomorrow for the main part of that retracement. If we do see a push up today then I’ll be looking for short entries this afternoon to take advantage of the strongly bearish stats for tomorrow.
The first main target on a retracement would be a test of the 50 hour MA and that closed at 2070.5 last night. That support may well hold as support before a run back up to at least test the highs. SPX 60min chart: