First Look: 2022-12-27
S&P futures were looking good very early this morning but started a swan dive around 5am NY time. I propose that drop was wave ‘[C] of b of (ii)’ and likely the low of the day against 3838.00. Nasdaq 100 has been the hardest hit as it nearly made it back to retest the low from last week. Provided it stabilizes, I expect S&P 500 futures to begin to slowly climb out of the hole. Short-term bulls need over 3868.50 to feel good about the low being set.