Keep an eye on this 1072-1073 level on the S&P 500 going into the bell today. On a short term time frame, this is tough resistance. Should we break above it, we could easily sprint to 1080 in a flash. Above 1080, we could quickly fill the gap from Friday’s swoon up to 1098. Without recapturing 1072-1073 first, however, all of those gap fills are a moot point.
Otherwise, we will continue to chop around below 1072, and likely breakdown to 1050 or lower.
Check out the 15 minute chart of the S&P, seen below.
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