Another wild ride for futures overnight. It seems the ADP jobs report is whetting the appetite of the Janet Yellen beliebers -- the worse the jobs picture looks, the more they believe she will step in and release the Doves. Billions more doves. More better QE.
Whatever Janet. It's all fun and games until 1747.62 cracks on the S&P. Then we will know that the bounce is for sure corrective. It could still go higher, but it will have tipped its corrective hand and reward patient traders who wish to take advantage of lower lows.
Other patient traders are waiting for their opportunity to get long at lower prices. I'm in both camps.
1772.26 is the level that should cap any bounce. One tick above this spot would immediately call into question the larger bear picture.
That picture, for me, should be decided at 1709.67.