Selloff from Multi-Week Halfway Back on S&P

Morning S&P Update: Same draw as the YM (Dow) last night. Sell off from All-The-Way HWB happened in Europe. But, look for rebounds as Friday's tend to be range bound. Locked between two 50% levels? Only a move below 2800 will enable a deeper selloff. Otherwise, bounces may encourage the bulls back to the these levels.

Comment:

It did what we thought it would do. It roared back off the HWB long after Europe closeand closed near the short levels. Euro traders thinking they had a good position will be assessing and it wouldn't surprise me to see a gap on Sunday night higher. Look to sell as we approach 61.8% level and keep an eye on that vol index.