Futures are once again in the middle of the overnight range.
Yesterday's late day sell off had a hint of panic as I noted on Twitter. So I'm not surprised to see some buoyancy this morning. The S&P is also sitting on a shelf of support made up of a 38% retracement level, a 1:1 Fib target, and Friday's 1307.77 low.
Should this shelf fail, there is the 1300 round number, and below that the 1293 level which is the 62% retracement. Below there is 1285.
I would not be at all surprised by a choppy continuation down, but I still feel that the highs of Monday morning will be retested and possibly exceeded. Only an impulsive decline straight "down the page" would change my thinking. By focusing not just on price but its personality too, many times we can get an extra set of clues.
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