Bottom May Be In for the Day

S&P reached gap fill from March 31st and range for the day is almost at 35 ES Points. We could potentially move back down a couple ticks lower, but the low should be in at $1165.25 on the ES

Bearish Behavior Overnight Sends the Markets Lower

Market is looking more and more like it is getting ready to roll over. The fact that we haven't been able to make new highs in a market that has been unrelenting in that regard shows that buyers are not quite as strong as we have come to expect. There was no real news catalyst that sparked the selling which may just be a sign that much of the bad news that has plagued the markets of late may be finally catching up with price. Whether or not buyers can fill this morning's gap down will be telling.

I am looking at 1180.50 to 1181.50 as a possible long entry. Below that we will look at double bottom of 1177ish as secondary support. A confirmed move below 1176.75 will be the first signal to look at potentially shorting this market if you are not already short...