And Then There was Q2…

S&P futures are off sharply, exceeding a 100-pt drop at their lows as the month- and quarter-end rebalancing has concluded and the coronavirus pandemic continues to worsen.

As expected, the rising white channel from the recent bottom has broken down and the less aggressive purple one is the next line of defense between here and ES 2155/SPX 2138. The bottom is around 2352 (SPX 2363) – an 8.5% decline from yesterday’s close.

Everyone ready to resume trading halts?

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