Hey Folks, Happy Labor Day! for our U.S. members…..and even though the markets are closed here in the U.S. the Futures markets are open and so far it is not pretty if you’re bullish….the chart below shows you where price action currently resides…you can see price action is currently testing key Fibonacci level extensions off the Aug 9th lows…the number to really watch close is the 1111.25 level where the recent up move indicates whether our price activity over the past few weeks has simply been a dead cat bounce or we have in fact found lows and looking to consolidate support….
This chart is a daily chart of the S&P 500 E-Mini Futures….it does not bode well for a market opening this Tuesday as we head into September, which by the way has traditionally been a bearish month if history has any say…..
This will make for a very interesting Pre-Market Trader session tomorrow morning….
Trade Smart — Not Often