It’s starting to look pretty ugly out there. If you were hoping for a bit of upside relief this morning you will unfortunately be disappointed. The E-Mini futures have been continuing lower overnight as equities seem to be getting ready to observe the most bearish quarter of the year. And I fear this one is going to leave a mark.
What’s more worrying is that we are getting off to an early start this year as late August and early September have the potential to drag equities quite a bit lower.
As you can see August as well as September have worked hard to earn their bearish reputation.
The 2900 mark on the E-Mini was breached overnight and unless we see a snapback in the first two hours I fear that a slide lower could be triggered.
The volume profile panel describes it best. We have sufficient context below 2900 for a snapback to occur, but the price action supports continuation lower. There was an opening gap on Thursday morning and a much larger one this morning.
Formations like these usually don’t just turn on a dime and continue higher. At minimum we are looking at a bit of whipsaw over the coming days.
More market perspectives below the fold for my intrepid subs:
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