A Potential Shot Over The Bow

Futures are under the equivalent of yesterday's low on the S&P cash index. I want to see this confirmed in the regular session, as it would be the first shot over the bow signalling that something other than an upside breakout was about to occur.

This level is 1496.33. Getting below that supports yesterday's chart that targeted the 1490 area. It is not certain by any means that 1490 will hold, but that is my expectation, and it is quite possible. If it doesn't, as I said yesterday, that will say something too.

In this case, it would suggest that perhaps the best-case bullish scenario is in question -- which is fine by me. I think that would've been too easy. I think this market has other ideas, both higher and lower, before it gives it up.

Elsewhere, notice that the VIX closed up over 5% yesterday as the S&P closed down just -.18%