First Look: 2023-01-03
S&P 500 futures were looking pretty good initially but started to come back down around 5am NY and accelerated lower after the 9:45 US S&P Manufacturing PMI. I don’t particularly like the day after a long weekend as it is prone to crosscurrents so not too surprised that the range is being probed on both sides. I have a minor bias to towards support being found at 3829 or 3806 SPX but admittedly it feels heavy this morning. The alternate is that we have yet to see the first impulse down from the December 13th high and the high this morning was wave iv and now down in v of (i) which implies at least a retest of the December 22nd low at 3764 before a bounce in wave (ii).