Levels Of Interest

Futures look pretty rocky in the pre-market.  If the cash S&P gets under 1401.26 in the regular session, new lows will likely occur.  1386.87 remains the hard stop.

The market blew right through yesterday's confluence zone at 1406 which is never a good indication.  I was long calls just before that level and quickly wished I wasn't.  I spent the rest of the day keeping my head down and doing long and short scalps.

My bias is still toward some sort of triangle or ending diagonal formation to a final new high.  I will keep trying to position for this unless and until 1386.87 fails.  There is one pattern that accommodates a failure of 1386.87, but I'm not counting on it.  With the market at such elevated levels relative to its current structure as well as its current internals, I fully acknowledge it may be a fool's errand to game higher prices.

Nonetheless, a new low between yesterday's low and 1386.87 would quickly get my interest if the internals suggest any lack of selling pressure.