Reversal Potential
For S&P futures, there’s a potential reversal pattern in place as long as they don’t go below 806. If that happens they should try for today’s high area at 814-814.50. Along the way, as mentioned in the Morning Meeting, we have key levels from 811.50 to 812.20, which is the average price traded. Above 814, we have a target at 816.
On the downside, to break the pattern that would have to go below 803.50, then not get over 806 again.
Nasdaq also has a potential reversal if this market doesn’t go below 965. If that happens they should try for today’s high area at 974-975. On the downside, to break the pattern that would have to go below 963, then not get over 966 again.