After breaking out of a bottom Head and Shoulders on the 15 minute chart, S&P futures rallied to just below a resistance area at 2730-2740 (it touched 2726.75).Then, following a consolidation phase, the market dropped sharply in the last 30 minutes of trading. As a result, it broke the 200 MA and is now threatening to break through a support area circa 2660. A move through that area markedly increases the likelihood of an end to the recent rebound in S&P futures.
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S&P futures tested the 2660 support level overnight, but an initial break through that level was quickly rejected. A subsequent retest this morning also held. S&P now looking positive.