Hello Everyone,

Quick overview (no audio tonight).  The SPX/QQQ have rebounded and are in the process of backtesting their respective breakdown zones (see supply zones on the charts and expect a strong battle here) from the FOMC sharp selloff.  As expected the initial test for the SPX/ES was met with rejection but the bulls thus far have managed to contain the selling while we saw some rotation into small caps (helping breadth).  These breakdown zones will not be easy to overcome (see July breakdown and backtest where price failed to accept higher prices).  Bulls need to have price accept these levels and build above or look for another move lower should price FAIL to accept.

Here's a link to Tonight's Newsletter.

Please take a moment to look at the trade ideas.