(click image to enlarge chart)
With a push under 1287.50, the battle is on right here for 1278.50…
I have drawn in a dashed red trendline that should serve as an intraday trailing stop line for the most aggressive bears who are hoping for a break under 1278.50. If bears are unable to get the breakout on this push down, many day traders may cover quickly to get out of the way of a potential futures-led short-covering rally. The dashed red line represents the most likely intraday protective stop placement for those bears piling on here near the trendline support.