Europe is not looking good today and seems to have spooked the indexes here which were looking good until they looked across the pond.
Or maybe the fade had something to do with crude oil which bounced and faded.
Even if futures made it back to their pre-market highs, the charts would still have a long way to go.
Above 1998.85 would look better. Above 2016.89 would likely solidify a corrective structure. That would suggest that new lows should be aggressively bought. Not a recommendation, but more like a "note to self" which is the purpose of this blog after all.
With yesterday's close below 1980, downside targets come into view: 1967.87 is a 61.8% Fib extension target, the 1960 volume shelf remains, 1947 200dma, and a cluster of other Fib extensions surround the 1937 area.
The Fed releases its interest rate decision today at 2pm, and Janet has a press conference at 2:30pm.
Friday is a quarterly option expiration and the last one of the year. What a great set up to wrong-foot the bears.
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