The S&P confirmed a further closing of the gap up area but we could still see a further drop toward the 1196 area if not even the support line at 1182,80. We believe this decline is a s/t buying opportunity for a decent rebound. We started therefore buying small here at 1203,50 waiting for a possible extension to buy more but just below 1195!!
The indicators of the daily chart are still well negative and also those of the s/t ones are in negative territory keeping the index under some pressure. Possible therefore an extension of the decline.
We remain on the sideline.
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FUTURE TREND RESEARCH