SP 500 FUTURES Bullish Sentiment Should See 4110 Holding

  • It is a healthy correction.
  • The market was too hot.  The cool down is needed none the less.
  • Where is the support?  4110 appears strong.

What a surprise.  We had another down day.  On the daily Renko chart, the RSI is falling like a rock from 97 to 55; however, the index only falls a little more than 1%, or 50 points or so.

On the hourly Renko chart, the next support levels are 4110, 4098, 4086.  Today’s low did touch 4110 as predicted yesterday.  So far, the pullback has been very orderly and gradual.  We are not seeing any panic selling.  On the hourly chart, the RSI is approaching 20, currently, at 42.  There might be a bounce back up soon.  Unless the price breaks below 4062, this is a healthy pullback.

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