On Thursday, the S&P futures bounced nicely off the first target at 1984. The bounce was strong enough to shoot price near the now familiar 2027 level, which is now operating like a pivot during this consolidation.
2027 is now key resistance. A move above 2027 that holds for more than an hour is likely to be significant…. meaning the end of the correction.
A Note on Volume Profile
The histogram on the left side of the chart shows the volume distribution in the S&P futures for the entire year of 2014 through today. Key levels are indicated by the peaks and troughs.
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