The S&P confirmed a session of consolidation remaining interior Tuesday’s range forming a new inside day with now 1249,00 – 1207,00 the levels to follow in the coming hours. A break of the support confirmed by a daily closing will support lower levels and a firm undershooting of the 2200 level.
The indicators of the daily chart are still above the line but a weak closing will turn them below the line causing further weakness. The indicators of the s/t charts are instead already positive supporting a possible new test on the upside. Only an hourly closing above 1238,50 will however confirm higher levels confirming also a double bottom and suggesting therefore a return even toward the 1260 area!!
We remain on the sideline.
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FUTURE TREND RESEARCH