S&P Futures Make Double Top Overnight

The ES formed a double-top at $1112.75 around 3:30am. The dollar then got a boost triggering a sell off on the ES to bring us to pretty attractive levels below recent support at 1105. This was a welcome site and is providing temporary relief for the bears. The real test though will be to close below 1093. This marks a key support level. If we confirm a move below 1093 on the S&P ($109.86 on the SPY), bears will be back in control. I think that today we should move down to 1010. That would be a nice spot for an intra-day long play (that would coincide with around $110.35 to $110.50 on the SPY). If however, the 1099 - 1010 level on the ES does not hold up as support, look to potentially move down to 1094 ($109.86 on the SPY).