Questi individuano a ragione i 1200 come area di resistenza..
The Futures market has been an absolute joke since last night which tells me we have a broken market. We started out last night with the Futures dropping to 1078 early in the evening which was then followed by a 70 point rally over a 2 hour period. This was then followed by a 50 point sell off overnight which was then followed by a 50 point rally leading up to the Fed announcement at 215 pm EDT. Right after the announcement there was an immediate 50 point sell off . Not to be outdone this was then followed by a magically 74 point rally in the last hour of trading. Anyone who thinks this is a healthy market environment is crazy and I expect more ridiculous intra day volatility in the days ahead.
Meanwhile last night I talked about the longer term 38.2% Retracement Level from 667 to 1371 resided at 1102 and that's exactly where support came in at today in the S&P Cash Index which is a 20% drop from the 1371 high.
At this point I'm sure the bullish crowd believes we will now rally to new highs as today was a major low. The wave structure does not support that view as today's bounce is likely a 4th which should encounter strong resistance around 1200 which is the 38.2% Retrace from 1357 to 1102.
At this point there is no reason chasing this market higher. In fact if we got another higher close on Wednesday a few Sell Signals might be generated for Thursday.