5 min /ES from today 

The 1865 line on /ES was obviously important today. We broke beneath it in the pre-market, which started the plunge. We also backtested it before the open. This should be a solid support/resistance line on /ES. You will also notice that today's afternoon bounce stayed beneath it. If we are able to move above it, that will be a first signal that a bottom is in, which I do not believe it is. The trendline coming off this afternoon low is currently being tested in the after market. Bears will be looking for a break of that trendline tonight, followed by a move beneath today's low in tomorrow's session. If that happens, I believe the door is wide open for a plunge to SPX 1600.


No comments yet.