Hello Everyone,
Reversal day today with the SPX/QQQ showing bearish engulfing candles which normally portend more downside (also supported by a break in structure which has created supply zones overhead). Today's catalyst for selling was the very weak Bond auction (which I said on Tuesday was something to monitor). Once again the market breadth the past few days was also a warning along with the mega caps being stretched. The SPX 30 minute system finally reversed to a SELL today.
ES support 4355/50 and 4336 with resistance 4378 and 4395
Please take a moment to look at the trade ideas.
