Euro area composite PMI readings were released in the early hours of this morning and are still going nowhere fast.
S&P futures didn't seem to like these figures which were mixed and mediocre at best. But it seems as if it may set up the cash market for a lower buy sometime during today's session.
Below 1978.48 would be cause for concern to bulls and could expose the market to the 1948 area which few seem prepared for after the world's largest IPO was supposed to blast everything to the moon.
If IPOs are simply supply, then this market is well supplied.
The 38% retracement is at 1975.53, just below 1978.48, so people need to keep some perspective if the market tests lower.
The much larger level is 1904.78 with the added magnetism of the 200dma just below it, currently at 1894 and rising. These levels are really not that far away.
There are still higher Fib confluence targets, but the market has options now, more so than it's had recently. It's not such a slam dunk higher. And that's probably a good thing.