Hello Everyone,
Quick Note: Following yesterday's consolidation, the SPX started with a gap open higher with a thrust up to test posted RESISTANCE (3950 on ES) and 3945 SPX. Price was repelled and began to immediately reverse and soon after filled the opening gap and then proceeded to trend lower all session. Quite honestly, I I was looking for a pop and pullback to around SPX 3860 (38% Fib typical of a W4) but the market continued lower intent on backtesting last week's breakout zone around 3810-20. My primary view is that today was part of a Wave B pullback (watch for an a-b-c flat or zig) to be followed by another probe higher to the next gap zone. However, if 3810 is cleanly lost tomorrow then we could see 3770 come into play.
My pivots for tomorrow are 3810 support and 3850s resistance with next level then around 3900. Listen to audio comments for more details.
Please take a moment to look at the trade ideas.
