Market Update

 

S&P 500 Futures are currently bouncing off the parallel channel bottom (see dashed blue lines on daily bar/range chart above).

As pointed out in yesterday’s post, the first key upside line to cross was yesterday’s low at 2820.50, which is the short-term range envelope bottom.  That line is located at the bottom of the short-term range, which is highlighted in bright yellow on my chart above…

 

A cross above the short-term range envelope bottom at 2820.50 has generated a range bottom counter-trend buy signal where the most aggressive bears started to take at least partial profits (see screen capture from Stops and Targets above).

Next upside counter-trend price target, if this bounce can stick, is confirmed resistance at 2914.50.

Head’s Up!  ES 2820.50 is the line in play today for the S&P 500 Futures.  Intraday price action is bullish above –> but reverts back to bearish below.

…my .02