marketstrats

Didn't oil decouple? Gap down in futures starting to recover

FX:SPX500   S&P 500 Index
Wonder what this looks like at 9:30am.
On the hourly bars, there is a nice pair of shoulders at 76ish. Further down on the left side, there is a potential lower shoulder formation in the 69 to 70 area and there is nice resistance in the same area. But who knows? The bulls may cling onto the hope that "whatever it takes" Mario will say something market friendly on Wednesday and/or wait for the results of the 100 S&P companies reporting next week. Its unlikely a failure in 69/70 would take uus much lower than 60. I'm using using ES numbers so add about 6 points to get to SPX numbers.
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