Overnight action took the S&P to new lows once again. To say the pre market action is volatile is an understatement.
The triangle pattern is STILL in effect. In that it is still predicting a significant drop at some point in the near future.
Over head resistance on the hourly chart holding so far.
This is a ‘wait and see’ game with the market. The action in the pre market is just too wild to gauge what today will bring yet. For every major drop in the futures market someone is out there trying to reverse the drop. Will it hold? Now THAT is the question…
 Futures – 5 Minute Chart
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 Futures – Hourly Chart
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