Near Term Trend: Bearish / Neutral
As of 2/6/18 close: 2,602
UPDATE: Sunday, I suggested staying short of ES futures until 2,532 is approached / tested and that weâd re-evaluate at that point.
S&P futures have cascaded down to 2,534.75 (the 200-day moving average) overnight and managed to find some footing there. Bounce likely in progress, then more downside.
Resistance on bounce:
â¢ 2,626.25 (shouldnât be eclipsed if 4:30am EST peak is to hold);
â¢ 2,740.75 is the next key possible ceiling if 2,626.25 fails.
â¢ 2,577.25 is âabcâ support on 10-min. chart;
â¢ 2,534.75 is 200-day MA (and Sea Change indicator support);
â¢ 2,324.75 is 23.8% retrace of â09 â â18 bull market; 6,495 is the 23.8% retrace on NDX.
â¢ 2,300 â 2,325 also comes into play if you believe the rise in yields from 1.7% to 2.8% since Trumpâs election completely counteracts Trumpâs tax cuts â while still leaving +10% effect for de-regulation.