NOTE: I know I have spoken in terms of the SPY in the past, but I am going to start using levels from the S&P 500 Futures (@ES).
If you look at an ES Chart, you can see that it did break down and went straight to the 1094 level and bounced right off. It eventually went down to 1093.50 and is now consolidating slightly to the upside.
I tried to do a scalp play, but missed it. Even I didn't want to get out at 1094 with that downward momentum. Goes to show I need to trust my own levels a little more. Though, I'm not too concerned. There is a good chance the markets will take another down turn to make new lows. I will be looking to enter a long position on the ES between 1089.50 and 1092. If I get filled in that range, my first target resistance level is 1099.75-ish.
US Dollar Index is up nicely and looks like it is consolidating for another move to the upside, which is another reason I have faith that the markets will drop some more before the end of the day.
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