E-mini S&P futures a selling opportunity on more price weakness.
See on the daily bar chart for the e-mini S&P futures that prices have dropped significantly from the recent all-time high and a near-term price downtrend is now in place. Prices Thursday hit a six-week low. The U.S. stock index bears have gained near-term downside technical momentum. A move in prices below technical support at Thursday’s low of 1,631.70 would provide the bears with better downside near-term technical momentum and it would also become a selling opportunity in the e-mini S&P futures. The downside price objective would be 1,575.00, or below. Technical resistance, for which to place a protective buy stop just above, is located at 1,650.00.
