The market has broken out of the range yesterday, but the futures are trading back into it as I am writing this. However, I think the correction is not over. The put/call ratio has not spiked down on my chart. Until it does, I am going to bet on the downside.
A significant level to watch today is 1141 on the SPX (~ 1137 on the ES). This level supported the range lately:
SPX 30 min chart, last 7 days
I expect it to act as strong resistance today.
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