Nice reversal yesterday — just when it seemed SPX was impervious to downside pressure. There’s a good chance we’ll see some follow through today. But, even as I type this, they just ramped USDJPY/NKD and ES seems to be responding.
The key will be whether ES can remain below the SMA10 at 1872.50. In an unrigged market, we’d push through the SMA20 and 50 (1863 & 1859) and be down 35 points today with more to come. These days, who knows? In any case, here’s my best downside scenario.
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