Yesterday
The S&P500 mini-future (ES) did what the Dow and the Nasdaq di; it went right in the tank for the first half of th day, then fought back with an afternoon rally that didn’t save the day, but did prevent a rout.
The futures rallied a little overnight, but sank like a stone once the day session opened. The ES dropped 23 points from the pre-market high to the low of the day at 2070, before rallying a little to close at 2079.50, some 14.25 point below the previous close. It also filled the gap at 2083
Today
The Non-Farm Payrolls will be released in the pre-market this morning. It is possible a leak of the NFP was responsible for Thursday’s dive; there were no other eternal events important enough to move the market.
Today’s closing price will be important for next week. A close above 2095.50 will maintain the potential bullish inverted H&S pattern, which is still possible if not likely. A close under 2055.50 will breach that bullish pattern and give a signal that the ES may start its short-term correction next week. 2095.50-93.75 is major resistance zone. If we see a rally into this major resistance zone, the sellers will show up again.
Major support levels for Friday: 2054-55, 2035-32, 2025-23.50, 2018.50-16.50;
major resistance levels: 2128.50-29.50, 2134.50-36.50 and none
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