The early week rally saw S&P 500 futures falter after testing overhead resistance at 2681.5.
Traders lack conviction here which tells me that bounces will initially fail again today.
I’m expecting more choppy price action.
The bounce has given bulls some much needed relief but a deep retrace isn’t out of the cards – watch support levels in video below.
Uncertainty is in the air so we need to stay focused on our levels and the outcomes at those levels.
From a broader perspective, we are engaged in a bearish motion with sharp, quick bounces. Until we can show some constructive behavior (higher lows), exercise caution with trading.
Stock Market Futures Video Update – November 26, 2018
The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.