Market sold off overnight and went below 2800 which was a strong support. Test of overnight low would determine the direction today. Very likely more selling since Bears had more conviction than Bulls yesterday and continued overnight sell off.
Market sold off during overnight session than rallied. It will probably test overnight high than decide on direction.
There is one report due which could impact the market:
US:Consumer Confidence 10:00 AM ET
Market sold off overnight to open gap down. Traders need to test overnight low before any rally and try to close gap (if at all).
There are couple of reports that traders need to be aware of:
US:New Home Sales
10:00 AM ET
US:EIA Natural Gas Report
10:30 AM ET
Overnight session market rallied and sold off. It is probably going to be a range bound day. Market is currently at 2855, I would look for resistance around 2863 and 2865.
Couple of reports that could effect the market:
EIA Petroleum Status Report
10:30 AM ET
2:00 PM ET
Last few days market has been selling off during overnight session and rallying during RTH.
However, today seems to be opposite and rallied during overnight session and still holding. It is very likely that market will sell off during RTH. Look for any test of the overnight High.
If patterns are any indication, than S&P 500 should see an imminent sell off.
Back in October of 2018, when market tested lower line of the channel and was rejected, we saw a sell off.
Now we have a very similar pattern where the bottom line of the channel has been rejected. Any break below 2800 could be the catalyst.
My assumption would be that this sell off...
Yesterday market sold off then rallied more than 50% of it's sell off range. That is bullish for today. It would not be surprising for market to test weekly high after setting a weekly low yesterday. That is what you call volatility.
Couple of reports that could impact the market:
US:PMI Services Index 9:45 AM ET
US:ISM Non-Mfg Index 10:00 AM ET
Currently market is trading around where it closed yesterday. Yesterday market sold off very aggressively in the afternoon. Normally market will trade in a range after such sell off. We might get a rally later on during the day.
It is always good idea to keep an eye on 50% range from High and low of yesterdays sell off range.
There are couple of reports that...