First Look: 2022-12-08
S&P 500 futures advanced overnight so as to retest the bounce high from yesterday before turning down at 8:40 NY. There was some selling on the open to push down to the Globex hourly 20 EMA which triggered a sharp move up but wasn’t long lasting as bears came back in just short of the 3978.25 resistance. I think this is a good candidate for the end of the consolidation and should look lower. Bears are in better shape when back under 3957.25. If bears push for follow-through, which I like, minimum target is a new low but like 3871.25 or 3842.25.