It seems that the late week reversal trend is going to continue this week as well. While SPX was down only about 23 points today at the close, it was down over 50 at one point and currently futures are trading lower by another 70+ points.

GOOGL did not save the day and MSFT reversed and closed negative. As of writing this – AMZN, INTC, SNDK, RDDT and COIN are all down as well. It seems there is no ticker that is going to save the day for now. Of course, dip buyers waking up tomorrow could change things but as of right now it looks like a bloodbath out there.

The daily candle is green today but is pointing lower, which is pretty comical to see. The day was pretty choppy overall and SPX clearly closed off the lows, but it seems that the uptrend from earlier this week has ended.

7623 is the unchanged point for the week, and right now SPX is still up close to 100 points for the week. However, with ES down 70 points as of writing this, there is a chance SPX could go unchanged or even negative for the week.

At the open tomorrow, watch 7623 closely. If we gap below, it could be resistance. If we are still above it but SPX begins to call, it could be the bouncing point.

The market has been pretty scripted lately, so take advantage of that as a trader.

Short post today but there is a lot riding on tomorrow. Let’s see where the week finishes.

Good luck!