The ES futures (S&P500) broke support at 2 AM NY time. As of 6 AM they in the midst of at least a back kiss of the breakdown level of 4373. How things evolve from here over the next few hours will tell us whether a short term low is in place.
The selloff exceeded last night’s 5 day cycle projection of 4385, and hit this morning’s projection of 4355. So the likelihood is that at least a 5 day cycle low is forming, subject to a possible test probably after the NY open. Resistance is indicated around 4376, where they’re trading as I write, and 4385-86. Spport is indicated around 4352.
Stay tuned for updates!
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