After failing to breakout, $ES_F SPX futures slashing through support areas, leaving gaps. The declining RSI in my previous post appears to have been a key sign that this move was not going to hold.
While the market is oversold near term, the veracity of the move shouldn't be ignored. Breakout failures in the past have not been kind to markets. While there may be some retracement back to these support levels, i'd consider that to be a offloading/shorting opportunity as the market outlook seems grim at the moment. Futures at the moment seem to signal further move to the downside, but we shall see if there's any positive development overnight.
While the market is oversold near term, the veracity of the move shouldn't be ignored. Breakout failures in the past have not been kind to markets. While there may be some retracement back to these support levels, i'd consider that to be a offloading/shorting opportunity as the market outlook seems grim at the moment. Futures at the moment seem to signal further move to the downside, but we shall see if there's any positive development overnight.