S&P Futures dropped below 1800 & found support @ 1794
It might rebound @ 1794 & go higher but looks very weak as it couldn't even go above 1795 for now
Update: S&P Futures also dropped below 1794
Market opening @ 9:30am EST, data of Total Vehicle Sales & economic data @ 10am EST will affect the market
They'll either help strengthen or weaken stocks depending on the data & how the market moves later
As we mentioned yesterday:
"Trading S&P 500 will be riskier as the very important support 1800 is broken & unstable, although it might just be oversold
S&P 500 will probably rebound @ 1800 but face a lot of strong resistances & can drop sharply again anytime"
After 1800 is broken, 2nd possible rebound & support @ 1790 or 1795 but are weaker compared to 1800
New resistance @ 1800 but can be broken as it tries to stay & close above 1800 today
A close below 1800 will further weaken stocks & might cause stocks to drop even more
Watch S&P 500 @ 1790 or 1795 for possible support & rebound, 1800 very important turning point, 1810 resistance
Look to buy @ supports if it stays above & go higher, sell @ resistance if it stays below & drops more, turning point will either become a strong support or resistance depending on market movement later
We might trade less or none today as the market is unstable for now
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