Sell-Off Does Not Continue

We had an attempted fake-out to the downside today as the markets briefly made new lows and hovered below the 1183 mark for some time. In the end though, buyers stepped up and the S&P's closed back within the 2.5 month uptrend channel. So any fears of a substantial sell-off may be quelled at least for now.

Watch for Confirmation Below 1183 on ES

A confirmed move below 1183 on the ES will signal an opportunity for short entries in the market and should force an extended move to the downside.