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The September E-mini S&P 500 is under pressure Sunday night. The market stopped going down at 1257.00 which is the same low reached last Thursday when the market sold-off sharply, early in the session before mounting a strong short-covering rally.
Support is the swing bottom at 1252.25. A trade through this price reaffirms the downtrend and could trigger a further decline into the next swing bottom at 1237.50. A downtrending Gann angle at 1289.50 is the best resistance.
The September E-mini Dow is also trending lower. A trade through the last swing bottom at 11767 reaffirms the downtrend. Until it is pierced it should be considered support.
The September E-mini NASDAQ is in a downtrend and trading weaker early in the trading session. A trade through 2174 reaffirms the downtrend. Downtrending Gann angle resistance is at 2231.50. Regaining this angle will be a sign of strength but not a change in trend to up.
It’s too early to tell, but the Sunday action seems to be indicating it is going to be a “risk-off” trading session based on the weaker equity indices, the falling Euro and the strengthening U.S. Dollar Index and Treasury markets. Closing price reversal bottoms on the hourly chart will be the best intra-day signals of a shift in sentiment.
