First Look: 2023-03-01
S&P 500 futures were doing a good job of recovering overnight but halted at the downward trend line at about 6:30 this morning. Also had a decent pop on the open but failed after the ISM numbers. I still think a [B] wave low is a viable hypothesis so have difficulty being overly bearish here. Fair to say the burden of proof is on bulls to prove themselves so prudent to look for some confirmation before attempting to go long. As I type this, ES is testing support around 3951.50 with the prior swing low just under that at 3947.75. First decent proof of a reversal up is recovering 3962.75 with the best evidence a recovery of 3971.25.