Below is a chart of the S&P 500™ futures via intervals using one hour candle/bars as I type this. To wit:
As you can see there seems to be major convergences all meeting at the same area. From a technical perspective this is something to watch for clues very closely over the coming days, the reasoning is this: Whether it’s from the level the “market” now occupies or, if it goes higher somewhere in-and-around the area I labeled “first…” and yet can not hold up there, but instead, begins to retrace back below the current “you are here?”
Your next clue to watch for possible issues will be if it returns to where I pointed to as “here next…” If that happens, back to the December lows are back on the table and whether or not they hold will be important.
Should the above happen in the manner in which I depicted it’s possible we could all be in for some serious turbulence on par with what happened at year end.
Doesn’t mean it will, but that’s what I’m currently focused on because, as of right now, all we’ve done is get back to visit what I coined the “manic” side of the manic – depressive” area which is between 2600 and 2800. And I don’t need to tell you what happened every time we did. It’s right there in that chart.
As always, we shall see.
© 2019 Mark St.Cyr